A model for estimation of the demand for on-street parking
AbstractThis paper presents a stylized econometric model for the demand for on-street parking with focus on estimation of the elasticity of demand with respect to the full cost of parking. The full cost of parking consists of a parking fee and the cost of searching for a vacant parking space (cruising). The cost of cruising is usually unobserved. Ignoring this issue implies a downward bias of the elasticity of demand with respect to the total cost of parking since the cost of cruising depends on the number of cars parked. We also demonstrate that, even when the cost of cruising is unobserved, the demand elasticity can be identified by extending the econometric model to include the spatial interaction between the parking facilities. We illustrate the model with on-street parking data from Copenhagen and find indications of a somewhat greater parking demand elasticity than is usually reported in the literature.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 52301.
Date of creation: 16 Dec 2013
Date of revision:
on-street parking; demand estimation.;
Find related papers by JEL classification:
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- L91 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Transportation: General
- R41 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Transportation: Demand, Supply, and Congestion
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-12-29 (All new papers)
- NEP-ECM-2013-12-29 (Econometrics)
- NEP-TRE-2013-12-29 (Transport Economics)
- NEP-URE-2013-12-29 (Urban & Real Estate Economics)
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