A practical revenue management approach for car parks via dynamically optimized self-adjusting bid pricing

BAYKASOĞLU A., YÖRÜK E.

Engineering Economist, cilt.70, sa.1-2, ss.1-29, 2025 (SCI-Expanded) identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 70 Sayı: 1-2
  • Basım Tarihi: 2025
  • Doi Numarası: 10.1080/0013791x.2024.2438140
  • Dergi Adı: Engineering Economist
  • Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Social Sciences Citation Index (SSCI), Scopus, Academic Search Premier, ABI/INFORM, Aerospace Database, Business Source Elite, Business Source Premier, Communication Abstracts, Compendex, EconLit, INSPEC, Metadex, Civil Engineering Abstracts
  • Sayfa Sayıları: ss.1-29
  • Dokuz Eylül Üniversitesi Adresli: Evet

Özet

Nowadays, there are major parking problems in crowded cities. This situation results in a loss of time and money for drivers and increased traffic congestion. Since car parks are vastly demanded facilities in crowded cities, the application of effective pricing strategies within parking reservation systems has the potential to increase revenues of the car parks and reduce the undesirable effects of parking problems. In this research, previous studies in the literature that are focused on revenue management (RM) in car parks are examined, and available solution procedures are discussed in some detail. A practical data-driven bid-price-based dynamic pricing methodology is developed in this study to maximize the expected revenue of a car park. The developed pricing system increases the weekly revenue of the car park by 15%. Since the developed pricing methodology is a data-driven based approach, it can also be generalized and applied to other systems that would benefit from dynamic pricing.