An Evaluation of Temporal- and Spatial-Based Dynamic Parking Pricing for Commercial Establishments

All smart parking management systems (SPMS) have incorporated the dynamic pricing into its features and capabilities. The collection of parking fees on a corresponding spot has been dependent on either its time- or space-value, with most SPMS utilizing temporal-based parking fee collection. However, little to no study has been conducted to assess or evaluate these pricing schemes according to its friendliness and economics towards both parkers and business operators. In this work, we evaluate two current temporal- and three proposed spatiotemporal-based dynamic parking pricing methods by computing their social optimum range and economic effects to both users and parking management entities. Our extensive analysis utilizing both empirical mobility traces and driver parking duration behavior provide important insights in the current pricing setups and present necessary adjustments in improving parking fee collection that contribute to societal benefits.