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

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  • Adil Baykasoglu
  • Elif Yoruk

Abstract

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.

Suggested Citation

  • Adil Baykasoglu & Elif Yoruk, 2025. "A practical revenue management approach for car parks via dynamically optimized self-adjusting bid pricing," The Engineering Economist, Taylor & Francis Journals, vol. 70(1-2), pages 1-29, April.
    • Handle: RePEc:taf:uteexx:v:70:y:2025:i:1-2:p:1-29
    DOI: 10.1080/0013791X.2024.2438140
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