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Private parking slot sharing

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  • Xu, Su Xiu
  • Cheng, Meng
  • Kong, Xiang T.R.
  • Yang, Hai
  • Huang, George Q.

Abstract

This paper addresses the private parking slot sharing problem during regular working hours in a big city. Our results extend the existing market design theory so that money flow is allowed in the matching mechanisms. We consider two cases of money flow: (i) one agent who fails to exchange his parking slot can join the leasing mechanism as a lessor; and (ii) one agent who fails in parking slot exchange can always “transfer” (rent) his parking slots to the platform. Each agent is self-interested. We propose the (price-compatible) top trading cycles and deals (TTCD) mechanism for case (i) and the price-compatible top trading cycles and chains (PC-TTCC) mechanism for case (ii). Both mechanisms are effective in terms of the compatibility with money flow, agents’ welfare, and strategy-proofness. Our experimental results further show that the proposed mechanisms would result in remarkable social welfare, and (ex post) budget balance for the platform in a big city with large population. In some realistic settings, our proposed mechanisms can almost realize cost saving of 60% and make more than 50% of agents strictly better off. There is no private parking slot sharing in the benchmark case. Overall, this paper opens the door to the solutions of a host of price-compatible matching problems.

Suggested Citation

  • Xu, Su Xiu & Cheng, Meng & Kong, Xiang T.R. & Yang, Hai & Huang, George Q., 2016. "Private parking slot sharing," Transportation Research Part B: Methodological, Elsevier, vol. 93(PA), pages 596-617.
    • Handle: RePEc:eee:transb:v:93:y:2016:i:pa:p:596-617
    DOI: 10.1016/j.trb.2016.08.017
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    References listed on IDEAS

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    2. Xiao, Haohan & Xu, Meng & Gao, Ziyou, 2018. "Shared parking problem: A novel truthful double auction mechanism approach," Transportation Research Part B: Methodological, Elsevier, vol. 109(C), pages 40-69.
    3. Shao, Saijun & Xu, Su Xiu & Yang, Hai & Huang, George Q., 2020. "Parking reservation disturbances," Transportation Research Part B: Methodological, Elsevier, vol. 135(C), pages 83-97.
    4. Nourinejad, Mehdi & Roorda, Matthew J., 2017. "Impact of hourly parking pricing on travel demand," Transportation Research Part A: Policy and Practice, Elsevier, vol. 98(C), pages 28-45.
    5. Yan, Qianqian & Feng, Tao & Timmermans, Harry, 2023. "A model of household shared parking decisions incorporating equity-seeking household dynamics and leadership personality traits," Transportation Research Part A: Policy and Practice, Elsevier, vol. 169(C).
    6. Niu, Zhipeng & Hu, Xiaowei & Fatmi, Mahmudur & Qi, Shouming & Wang, Siqing & Yang, Haihua & An, Shi, 2023. "Parking occupancy prediction under COVID-19 anti-pandemic policies: A model based on a policy-aware temporal convolutional network," Transportation Research Part A: Policy and Practice, Elsevier, vol. 176(C).
    7. Sun, Xiaotong & Yin, Yafeng, 2021. "Decentralized game-theoretical approaches for behaviorally-stable and efficient vehicle platooning," Transportation Research Part B: Methodological, Elsevier, vol. 153(C), pages 45-69.
    8. Zhang, Miao & Kang, Jiaxi & Tang, Ruixin & Xu, Fangyuan & Fan, Yiliang & Tang, Xiongming & Zhang, Haotian, 2020. "Sharing car park system for parking units of multiple EVs in a power market," Energy, Elsevier, vol. 212(C).
    9. Yangbeibei Ji & Xueqing Lu & Hanwan Jiang & Xinyang Zhu & Jiao Wang, 2022. "Layout Optimization for Shared Parking Spaces Considering Shared Parking Walking Time and Parking Fee," Sustainability, MDPI, vol. 14(9), pages 1-23, May.
    10. Marianne Guillet & Maximilian Schiffer, 2022. "Coordinating charging request allocation between self-interested navigation service platforms," Papers 2208.09530, arXiv.org.
    11. Jian, Sisi & Liu, Wei & Wang, Xiaolei & Yang, Hai & Waller, S. Travis, 2020. "On integrating carsharing and parking sharing services," Transportation Research Part B: Methodological, Elsevier, vol. 142(C), pages 19-44.
    12. Zhang, Fangni & Lindsey, Robin & Yang, Hai & Shao, Chaoyi & Liu, Wei, 2022. "Two-sided pricing strategies for a parking sharing platform: Reselling or commissioning?," Transportation Research Part B: Methodological, Elsevier, vol. 163(C), pages 40-63.
    13. Yifei Cai & Jun Chen & Chu Zhang & Bin Wang, 2018. "A Parking Space Allocation Method to Make a Shared Parking Strategy for Appertaining Parking Lots of Public Buildings," Sustainability, MDPI, vol. 11(1), pages 1-20, December.
    14. Ning, Yu & Yan, Mian & Xu, Su Xiu & Li, Yina & Li, Lixu, 2021. "Shared parking acceptance under perceived network externality and risks: Theory and evidence," Transportation Research Part A: Policy and Practice, Elsevier, vol. 150(C), pages 1-15.
    15. Xiao, Haohan & Xu, Meng & Yang, Hai, 2020. "Pricing strategies for shared parking management with double auction approach: Differential price vs. uniform price," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 136(C).
    16. Jiang, Bowen & Fan, Zhi-Ping, 2020. "Optimal allocation of shared parking slots considering parking unpunctuality under a platform-based management approach," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 142(C).
    17. Xiao, Haohan & Xu, Meng, 2022. "Modelling bidding behaviors in shared parking auctions considering anticipated regrets," Transportation Research Part A: Policy and Practice, Elsevier, vol. 161(C), pages 88-106.
    18. Tan, Bing Qing & Xu, Su Xiu & Kang, Kai & Xu, Gangyan & Qin, Wei, 2021. "A reverse Vickrey auction for physical internet (PI) enabled parking management systems," International Journal of Production Economics, Elsevier, vol. 235(C).
    19. Tan, Bing Qing & Xu, Su Xiu & Thürer, Matthias & Kang, Kai & Zhao, Zhiheng & Li, Ming, 2024. "Booking versus search-based parking strategy: A game-theoretic methodology," Research in Transportation Economics, Elsevier, vol. 104(C).
    20. Wang, Yineng & Li, Meng & Lin, Xi & He, Fang, 2021. "Online operations strategies for automated multistory parking facilities," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 145(C).
    21. Olus Inan, Murat & Inci, Eren & Robin Lindsey, C., 2019. "Spillover parking," Transportation Research Part B: Methodological, Elsevier, vol. 125(C), pages 197-228.
    22. Yunqiang Xue & Qifang Kong & Feng Sun & Meng Zhong & Haokai Tu & Caifeng Tan & Hongzhi Guan, 2022. "Shared Parking Decision Behavior of Parking Space Owners and Car Travelers Based on Prospect Theory—A Case Study of Nanchang City, China," Sustainability, MDPI, vol. 14(24), pages 1-17, December.

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