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The Parking Lot Problem

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  • 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)

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.cirje.e.u-tokyo.ac.jp/research/dp/2001/2001cf119.pdf
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Bibliographic 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
Date of revision:
Handle: RePEc:tky:fseres:2001cf119

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  1. Baye, M. & Kovenock, D. & Vries, C. de, 1990. "The All-Pay Auction with Complete Information," Discussion Paper, Tilburg University, Center for Economic Research 1990-51, Tilburg University, Center for Economic Research.
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  4. Posner, Richard A. & Avery, Christopher & Jolls, Christine & Roth, Alvin, 2001. "The Market for Federal Judicial Law Clerks," Scholarly Articles 2623748, Harvard University Department of Economics.
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  9. Alvin E Roth & Richard A Posner & Christine Jolls & Christopher Avery, 2007. "The New Market for Federal Judicial Law Clerks," Levine's Bibliography 843644000000000288, UCLA Department of Economics.
  10. Richard Arnott & John Rowse, 1997. "Modeling Parking," Boston College Working Papers in Economics, Boston College Department of Economics 350., Boston College Department of Economics.
  11. Simon, Leo K. & Stinchcombe, Maxwell B., 1987. "Extensive From Games in Continuous Time: Pure Strategies," Department of Economics, Working Paper Series, Department of Economics, Institute for Business and Economic Research, UC Berkeley qt03x115sh, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
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  14. 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, University of Chicago Press, vol. 93(4), pages 627-47, August.
  15. 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.
  16. 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.
  17. Deacon, Robert T, 1994. "Incomplete Ownership, Rent Dissipation, and the Return to Related Investments," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 32(4), pages 655-83, October.
  18. Anderson, Simon P. & de Palma, Andre, 2004. "The economics of pricing parking," Journal of Urban Economics, Elsevier, vol. 55(1), pages 1-20, January.
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  20. Hassin, Refael, 1985. "On the Optimality of First Come Last Served Queues," Econometrica, Econometric Society, Econometric Society, vol. 53(1), pages 201-02, January.
  21. Porter, Richard C, 1977. "On the Optimal Size of Underpriced Facilities," American Economic Review, American Economic Association, vol. 67(4), pages 753-60, September.
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Cited by:
  1. Hasker, Kevin & Inci, Eren, 2012. "Free Parking for All in Shopping Malls," MPRA Paper 35978, University Library of Munich, Germany.
  2. Michael D. Grubb & Paul Oyer, 2008. "Who Benefits from Tax-Advantaged Employee Benefits?: Evidence from University Parking," NBER Working Papers 14062, National Bureau of Economic Research, Inc.
  3. Martijn B.W. Kobus & Jos N. van Ommeren & Hans R.A. Koster & Piet Rietveld, 2013. "Congestible Goods and Hoarding: A Test based on Students' Use of University Computers," Tinbergen Institute Discussion Papers 13-083/VIII, Tinbergen Institute.

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