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Practical Pricing for the Car Park Industry

In: Revenue Management

Author

Listed:
  • José Guadix

Abstract

Revenue Management is about trying to sell the correct inventory units, to the appropriate customer, at the most opportune time. In this chapter a new application of Revenue Management is proposed that helps to manage the inventory units of car parks, that is, the parking spaces. An application model is suggested and, based on occupation data, a forecast is made of likely future drivers. The forecasts are then used to distribute the car parks’ available capacity. For this, the model is divided into different categories, using different time slot rates. It also takes into account different promotional offers to drivers, which would mean lower prices for these services and a reduction of parking uncertainty. In addition, a pattern of behaviour in the sales of the car parks is provided and, for this, various heuristics for allocating inventory is simulated based on the arrival of the drivers. This approach is introduced in a series of problems and the results obtained are shown, measured in terms of incomes, efficiency and occupation.

Suggested Citation

  • José Guadix, 2011. "Practical Pricing for the Car Park Industry," Palgrave Macmillan Books, in: Ian Yeoman & Una McMahon-Beattie (ed.), Revenue Management, chapter 17, pages 234-245, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29477-6_18
    DOI: 10.1057/9780230294776_18
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    Cited by:

    1. Mark Friesen & Giuliano Mingardo, 2020. "Is Parking in Europe Ready for Dynamic Pricing? A Reality Check for the Private Sector," Sustainability, MDPI, vol. 12(7), pages 1-11, March.

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