Flexible parking reservation system and pricing: A continuum approximation approach

Xiaotian Wang and Xin Wang

Transportation Research Part B: Methodological, 2019, vol. 128, issue C, 408-434

Abstract: Reservation-based parking systems have the merit of eliminating vehicle cruising for parking. While many long-period (e.g., daily) parking reservation services are already in use, short-period (e.g., hourly) parking reservation remains a huge challenge due to the high uncertainty of customer arrivals and departures. To mitigate the service failure caused by random late departures of customers, we propose a new flexible reservation mechanism in which the reservation is no longer restricted to a specific location at a specific time, but tolerates predetermined spatiotemporal flexibility instead. With a pricing instrument designed for such parking flexibility, customers can coordinate to significantly reduce the reservation failure rate, resulting in an optimal system equilibrium benefiting the entire society. Due to the complex nature of this system, a continuum approximation framework is used to provide tractable analysis for a large-scale urban parking system. We can successfully provide accurate system management decision support with a bounded optimality gap and analytical insights.

Keywords: Continuum approximation; Parking reservation management; Stackelberg competition, (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (9)

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DOI: 10.1016/j.trb.2019.07.006

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