Modeling parking

Article Abstract:

A simple structural model was developed to explain the stochasticity of vacant parking spaces. In this framework, a spatially symmetric city, which is outside of a circle, has a constant number of parking spaces per unit distances. In this city, parking demand is based on demand for trips while trip opportunities emerge according to an exogenous, stochastic, time-invariant process. A parking externality occurs because individuals overlook the impact of their parking on the endogenous mean density of vacant parking spaces. The model displays complex nonlinearity. This means that there may be two stable equilibria that are open to Pareto ranking. This nonlinearity could also mean that the comparative static features of the model are complex. A policy implication is that establishment of the right parking fee is difficult.

Models, Stochastic processes, Automobile parking, Car parking

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Economics of a bottleneck

Article Abstract:

A model of bottleneck congestion has revealed the efficiency gains resulting from the change in the frequency distribution of departure times of commuters caused by the application of an optimal toll at the single constriction point of congested traffic flow can be significantly greater than the gains computed by employing the better known naive flow model of congestion. A substantial portion of the gains of a fully optimal toll can be realized by the application of a single-step function toll, the optimal coarse toll, which can be initiated at a substantially lower cost than the time-dependent toll. The model also provided desirable extensions to the measurement of rush-hour traffic flow including the heterogeneity of drivers, the stochastic capacity and demand, and the variability of working hours.

Research, Traffic congestion, Traffic engineering, Equilibrium (Economics), Traffic flow

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Taxi travel should be subsidized

Article Abstract:

Taxi travel should be subsidized in a first-best environment. This interpretation is based on economies of density, where the doubling of the number of trips and number of dispatch taxis doubles the density of vacant taxis and results in shorter waiting time. Given these economies of density, first-best taxi pricing involves operation at a loss with marginal cost pricing. In particular, the optimum subsidy incorporates the shadow cost of taxi idle time at the optimum. A taxi traveler should shoulder the marginal social cost of a trip, which is equal to the shadow cost of the occupied time of the taxi. The analysis does not consider the critical element of traffic congestion, which could further provide evidence of the need for subsidization of taxi travel.

Taxicabs, Taxi Service, Analysis, Subsidies, Taxicab services, Taxicab service

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