Evaluating parking reservation policy in urban areas: An environmental perspective |
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| Authors: | Mei-Ting Tsai Chih-Peng Chu |
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| Institution: | a Department of Business Administration, National Chung Hsing University, 250 Kuo Kuang Rd., Taichung 40227, Taiwan
b Department of Business Administration and Graduate Institute of Logistics Management, National Dong Hwa University, 1, Sec. 2, Da-Hsueh Rd., Shou-Feng, Hualien 97401, Taiwan |
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| Abstract: | This paper investigates a parking reservation mechanism to reduce car cruising to find parking. To consider the benefits for drivers and parking facility providers, we charge drivers for making reservations in addition to parking fees, by introducing a reservation pricing model that makes reservation prices equivalent to the value of saved search time. By modeling the number of vacant spaces as a stochastic variable, and applying binomial pricing methods, parking reservation prices are obtained. Numerical examples based on the data for two parking facilities in Taiwan are given. |
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| Keywords: | Parking policy Parking reservations Binomial pricing method |
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