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The Parking Lot Problem

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Author Info
Maria Arbatskaya (Department of Economics, Emory University)
Kaushik Mukhopadhaya (Department of Economics, Emory University)
Eric Rasmusen (CIRJE, Faculty of Economics, University of Tokyo and Kelley School of Business, Indiana University)

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Abstract

If there is queueing for an underpriced good, the queueing can eat up the entire surplus, eliminating the social value of the good. An implication is that there is a discontinuity in social welfare between "enough" and "not enough" for certain goods such as parking spaces. This implies that if there is uncertainty in the number of demanders, the amount of the good should be set well in excess of the mean demand

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File URL: http://www.e.u-tokyo.ac.jp/cirje/research/dp/2001/2001cf119.pdf
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Publisher Info
Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-119.

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Length: 30 pages
Date of creation: Jun 2001
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Handle: RePEc:tky:fseres:2001cf119

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  1. Deacon, Robert T & Sonstelie, Jon, 1985. "Rationing by Waiting and the Value of Time: Results from a Natural Experiment," Journal of Political Economy, University of Chicago Press, vol. 93(4), pages 627-47, August. [Downloadable!] (restricted)
  2. Deacon, Robert T & Sonstelie, Jon, 1989. "The Welfare Costs of Rationing by Waiting," Economic Inquiry, Oxford University Press, vol. 27(2), pages 179-96, April.
  3. Baye, M.R. & Kovenock, D. & De Vries, C., 1992. "The All-Pay Auction with Complete Information," Papers 8-92-1, Pennsylvania State - Department of Economics.
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  4. Porter, Richard C, 1977. "On the Optimal Size of Underpriced Facilities," American Economic Review, American Economic Association, vol. 67(4), pages 753-60, September. [Downloadable!] (restricted)
  5. Deacon, Robert T & Sonstelie, Jon, 1991. "Price Controls and Rent Dissipation with Endogenous Transaction Costs," American Economic Review, American Economic Association, vol. 81(5), pages 1361-73, December. [Downloadable!] (restricted)
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  6. Arnott, Richard & Rowse, John, 1999. "Modeling Parking," Journal of Urban Economics, Elsevier, vol. 45(1), pages 97-124, January. [Downloadable!] (restricted)
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  7. Hassin, Refael, 1985. "On the Optimality of First Come Last Served Queues," Econometrica, Econometric Society, vol. 53(1), pages 201-02, January. [Downloadable!] (restricted)
  8. Arnott, Richard & de Palma, Andre & Lindsey, Robin, 1993. "A Structural Model of Peak-Period Congestion: A Traffic Bottleneck with Elastic Demand," American Economic Review, American Economic Association, vol. 83(1), pages 161-79, March. [Downloadable!] (restricted)
  9. Leo K. Simon and Maxwell B. Stinchcombe., 1987. "Extensive Form Games in Continuous Time: Pure Strategies," Economics Working Papers 8746, University of California at Berkeley.
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  10. Christopher Avery & Christine Jolls & Richard Posner & Alvin E. Roth, 2007. "The New Market for Federal Judicial Law Clerks," NBER Working Papers 13213, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Naor, P, 1969. "The Regulation of Queue Size by Levying Tolls," Econometrica, Econometric Society, vol. 37(1), pages 15-24, January. [Downloadable!] (restricted)
  12. Vickrey, William S, 1969. "Congestion Theory and Transport Investment," American Economic Review, American Economic Association, vol. 59(2), pages 251-60, May. [Downloadable!] (restricted)
  13. Anderson, Simon P. & de Palma, Andre, 2004. "The economics of pricing parking," Journal of Urban Economics, Elsevier, vol. 55(1), pages 1-20, January. [Downloadable!] (restricted)
  14. Barut, Yasar & Kovenock, Dan, 1998. "The symmetric multiple prize all-pay auction with complete information," European Journal of Political Economy, Elsevier, vol. 14(4), pages 627-644, November. [Downloadable!] (restricted)
  15. Lindsay, Cotton M & Feigenbaum, Bernard, 1984. "Rationing by Waiting Lists," American Economic Review, American Economic Association, vol. 74(3), pages 404-17, June. [Downloadable!] (restricted)
  16. Deacon, Robert T, 1994. "Incomplete Ownership, Rent Dissipation, and the Return to Related Investments," Economic Inquiry, Oxford University Press, vol. 32(4), pages 655-83, October.
  17. Roth, Alvin E & Xing, Xiaolin, 1994. "Jumping the Gun: Imperfections and Institutions Related to the Timing of Market Transactions," American Economic Review, American Economic Association, vol. 84(4), pages 992-1044, September. [Downloadable!] (restricted)
  18. Fudenberg, Drew & Tirole, Jean, 1985. "Preemption and Rent Equilization in the Adoption of New Technology," Review of Economic Studies, Blackwell Publishing, vol. 52(3), pages 383-401, July. [Downloadable!] (restricted)
  19. Nalebuff, Barry, 1989. "The Arbitrage Mirage, Wait Watchers, and More," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 165-74, Summer. [Downloadable!] (restricted)
  20. Clark, Derek J & Riis, Christian, 1998. "Competition over More Than One Prize," American Economic Review, American Economic Association, vol. 88(1), pages 276-89, March. [Downloadable!] (restricted)
  21. Holt, Charles A, Jr & Sherman, Roger, 1982. "Waiting-Line Auctions," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 280-94, April. [Downloadable!] (restricted)
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