Revenue management in the parking industry: a multiple garage intelligent reservation model |
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| Authors: | Martha A Roper G Don Taylor Dusan Teodorovi? |
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| Institution: | 1. System Performance Laboratory, Grado Department of Industrial and Systems Engineering, Northern Virginia Center, Virginia Tech, Falls Church, VA, USA;2. Grado Department of Industrial and Systems Engineering, Virginia Tech, Blacksburg, VA, USA;3. Via Department of Civil and Environmental Engineering, Northern Virginia Center, Virginia Tech, Falls Church, VA, USA;4. Faculty of Transport and Traffic Engineering, University of Belgrade, Belgrade, Serbia |
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| Abstract: | This paper explores how advanced reservations, coupled with dynamic pricing (based on booking limits) can be used to maximize parking revenue. An integer programing formulation that maximizes parking revenue over a system of garages is presented. Furthermore, an intelligent parking reservation model is developed that uses an artificial neural network procedure for online reservation decision-making. Finally, the paper provides some strategic and managerial implications of multi-garage revenue management systems, and discusses techniques for identifying and implementing micro-market segmentation in the parking industry. |
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| Keywords: | Intelligent parking systems revenue management integer programing neural networks |
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