The GT model of on-street parking supply and demand

Abstract

The search for on-street parking spot has become a major problem for both users and municipalities. This is partly due to the increase in the flow of vehicles and the concomitant scarcity of available spaces. This paper studies this problem from the economic point of view where supply and demand of goods concern parking spaces and each driver is alternatively producer and consumer. The proposed model deals with situations where supply of parking spaces is not sufficient to meet demand. As in this circumstance the time to find a parking space increases by itself, the decrease in demand is a natural process. In contrast, the reduction in on-street parking time - and thus the increase in supply - is the result of deliberate action by decision-makers who may, for example, monetise parking time. An agent-based approach makes it possible to model and simulate this dual process and to design strategies for decision-makers to balance well supply and demand.