How to Determine Optimal Parking Prices under Uncertain Parking Demand

Reasonable parking fee pricing has become one of the most effective ways to address parking problems. We developed a new pricing model for uncertain parking demand distributions to maximize the expected revenue of the parking manager. Considering a uniform parking demand distribution, we derive the parking fee under supply and demand equilibrium and the expected parking demand under various parking fees. Furthermore, to maximize the parking management revenue, the theoretical optimal parking fee is deduced. Finally, numerical experiments verify the effectiveness of the model. The outcomes of this study furnish theoretical underpinnings that can bolster the pursuit of sustainable urban transportation development.