Price elasticities of demand for (garage) parking in Stockholm

Kristofer Odolinski () and Roger Pyddoke
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Kristofer Odolinski: CTS - Centre for Transport Studies Stockholm (KTH and VTI), Postal: Centrum för Transportstudier (CTS), Teknikringen 10, 100 44 Stockholm, Sweden
Roger Pyddoke: CTS - Centre for Transport Studies Stockholm (KTH and VTI), Postal: Centrum för Transportstudier (CTS), Teknikringen 10, 100 44 Stockholm, Sweden

No 2019:2, Working papers in Transport Economics from CTS - Centre for Transport Studies Stockholm (KTH and VTI)

Abstract: There is scope for generating welfare effects by changing parking fees, where knowledge on price elasticities are central elements in the implementation of an efficient parking policy. In this paper, we estimate price elasticities of demand for five parking garages in the central business district of Stockholm, using transaction data and a price increase implemented in January 2017. The econometric results for the purchased parking hours show an average elasticity estimate at -0.60, while the effect on the decision to park is -0.45. These elasticities vary for the different parking garages, showing that there is a considerable heterogeneity between garages, even within the central business district, which needs to be considered for an efficient parking policy. Based on our estimated elasticity for garage parking (-0.60) and a willingness to pay a premium for curbside parking in previous research, we calculate a proxy for the elasticity of curbside parking in Stockholm, which is found to be -0.39.

Keywords: Parking; Price elasticity; Garage; Parking policy (search for similar items in EconPapers)
JEL-codes: R41 R42 R48 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2019-06-19
New Economics Papers: this item is included in nep-reg and nep-tre
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:ctswps:2019_002

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