A Versatile Queuing System For Sharing Economy Platform Operations

TL;DR

This paper develops a versatile queuing model for sharing economy platforms, providing analytical tools to optimize operational costs and resource management using advanced stochastic processes.

Contribution

It introduces a comprehensive G/M/1 queuing framework for sharing economy systems, incorporating stochastic analysis to optimize resource sharing and cost management.

Findings

Explicit formulas for the distribution of contractors in the system

Analytical expressions for sharing expenses and resource over-contraction

Methodology for optimizing platform operational costs

Abstract

The paper deals with a sharing economy system with various management factors by using a bulk input G/M/1 type queuing model. The effective management of operating costs is vital for controlling the sharing economy platform and this research builds the theoretical background to understand the sharing economy business model. Analytically, the techniques include a classical Markov process of the single channel queueing system, semi-Markov process and semi-regenerative process. It uses the stochastic congruent properties to find the probability distribution of the number of contractors in the sharing economy platform. The obtained explicit formulas demonstrate the usage of functional for the main stochastic characteristics including sharing expenses due to over contracted resources and optimization of their objective function.