Title

Optimizing Pricing Policies in Park-and-Ride Facilities: A Model and Decision Support System with Application

Document Type

Journal Article

Publication Date

2010

Subject Area

policy - parking, place - europe, mode - subway/metro, economics - pricing

Keywords

urban traffic, park-and-ride, shared use, pricing policy, pricing scheme, optimization, genetic algorithm, decision support system

Abstract

Park-and-ride facilities are of major importance to the attractiveness and operation of modern transit systems because travelers tend to prefer public transportation when they are able to combine the use of these facilities with their private vehicles. Among those elements examined when developing/operating a park-and-ride facility is the pricing policy to be established for its users. Indeed, the pricing policy is among those tools that can aid transportation agencies in managing park-and-ride facilities, by providing incentives or disincentives of parking for various categories of users. This paper contributes to the literature by offering a new approach for obtaining optimal pricing schemes for a parking facility, with respect to its financial viability. In particular, a financial analysis model is combined with a genetic algorithm for determining the optimal pricing parameters for park-and-ride facilities. The model is applied for a shared-use, park-and-ride facility of the Athens metro network in Greece. Results of the computational study indicate that the model can offer near optimal pricing schemes in a short amount of time. Also, a decision support system is developed for incorporating the model in a user friendly computerized framework.

Rights

Permission to publish the abstract has been given by Elsevier, copyright remains with them.

Comments

Journal of Transportation systems Engineering and Information Technology Home Page: http://www.sciencedirect.com/science/journal/15706672