01628713

Component

With the advent of the Internet era as well as the improvement of urban smart level, parking reservation has become one of the most effective ways to solve parking problems. This paper proposes a dynamic pricing model allowing travelers reserving parking spaces through their personal smart equipment in advance. The parking system is operated by a private owner and her/his objective is to maximize the expected revenue. The revenue management method is adopted in setting the dynamic pricing policy of the reservation-based parking problem when trip demand is price sensitive and stochastic. Numerical experiments suggest that the authors' optimal policy could save much cruising cost relative to traditional fixed price, which results in significant reduction in adverse socioeconomic externalities such as traffic jams and environmental pollution.

This paper was sponsored by TRB committee ABE50 Standing Committee on Transportation Demand Management. Alternate title: Dynamic Pricing for Reservation-Based Parking System: Revenue Management Method

01618707

17-03253

English

12p

2017

Transportation Research Board 96th Annual Meeting

Digital/other

Figures; References

Environmental impacts; Parking; Personal communication devices; Pricing; Real time control; Reservation systems; Traffic congestion; Yield management

Cruising; Dynamic pricing

Finance; Highways; Operations and Traffic Management

Transportation Research Board Annual Meeting 2017 Paper #17-03253

TRIS, TRB, ATRI

Dec 8 2016 11:13AM