Dynamic vehicle parking pricing. A review

Abstract

Dynamic parking pricing refers to the adjustment of the price of parking to achieve the required occupancy rates. It plays a significant role in parking management systems to minimize traffic congestion and cruising time, as well as to maximize revenue. The optimization of parking pricing and supply through a time-varying pricing strategy is a crucial issue. This paper reviews academic work on approaches to parking pricing, giving emphasis to time-varying pricing strategies. Approaches based on game theory, dynamic and stochastic control, multiobjective and multilevel programming, queuing theory, artificial intelligence, statistics, among others, are reviewed. We categorize these techniques to examine various issues of dynamic parking pricing. The main contributions and methods used are summarized. Furthermore, a brief discussion of the strengths, limitations, and possible future work is given.