Parking Space Management via Dynamic Performance-Based Pricing

TL;DR

This paper proposes a real-time dynamic pricing model for urban parking that aims to reduce vehicle circling, improve space utilization, and minimize traffic congestion and emissions using a Stackelberg game approach.

Contribution

It introduces a novel bi-level, game-theoretic model for dynamic parking pricing integrated with sensing infrastructure, enhancing parking management efficiency.

Findings

Model can virtually eliminate vehicle circling

Significantly reduces traffic congestion and emissions

Demonstrates effectiveness through numerical examples

Abstract

In congested urban areas, it remains a pressing challenge to reduce unnecessary vehicle circling for parking while at the same time maximize parking space utilization. In observance of new information technologies that have become readily accessible to drivers and parking agencies, we develop a dynamic non-cooperative bi-level model (i.e. Stackelberg leader-follower game) to set parking prices in real-time for effective parking access and space utilization. The model is expected to fit into an integrated parking pricing and management system, where parking reservations and transactions are facilitated by sensing and informatics infrastructures, that ensures the availability of convenient spaces at equilibrium market prices. It is shown with numerical examples that the proposed dynamic parking pricing model has the potential to virtually eliminate vehicle circling for parking, which results in significant reduction in adverse socioeconomic externalities such as traffic congestion and emissions.