The time dimension of parking economics |
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| Affiliation: | 1. Heinz College, Carnegie Mellon University, Pittsburgh, PA 15213, USA;2. Department of Civil and Environmental Engineering, Stanford University, Stanford, CA 94305, USA;1. Department of Civil, Architectural & Environmental Engineering, The University of Texas at Austin, 301 E. Dean Keeton St. Stop C1761, Austin, TX 78712, United States;2. Department of Civil, Architectural & Environmental Engineering, The University of Texas at Austin, United States;3. Department of Civil and Environmental Engineering, West Virginia University, United States;1. University of California, Santa Cruz, Santa Cruz, CA 95064, United States;2. NelsonNygaard Consulting Associates, New York, NY 10001, United States;3. Carnegie Mellon University, Pittsburgh, PA 15217, United States |
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| Abstract: | 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. |
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