The time dimension of parking economics

Zakharenko, R. (2016) The time dimension of parking economics. Transportation Research Part B: Methodological, 91, pp. 211-228. (doi: 10.1016/j.trb.2016.04.008)

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A model of demand for parking, evolving over time, is proposed. The model features both extensive (whether to park) and intensive (for how long to park) margins of parking demand, allows multidimensional heterogeneity of parkers, and evolution of demand throughout the day. I show that the optimal price for parking is proportional to the rate of arrival of new parkers and is inversely related to the square of the occupancy rate, which is different from previously discussed pricing methods. I show that the primary purpose of pricing is to regulate departures, rather than arrivals, of parkers. I also find that asymmetric information about parkers’ characteristics does not prevent the parking authority from achieving the social optimum. A numerical example compares the optimal policy against the alternatives.

Item Type:Articles
Glasgow Author(s) Enlighten ID:Zakharenko, Dr Roman
Authors: Zakharenko, R.
College/School:College of Social Sciences > Adam Smith Business School > Economics
Journal Name:Transportation Research Part B: Methodological
ISSN (Online):1879-2367
Published Online:02 June 2016

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