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Temporal Variance of Parking Pricing Elasticity

Temporal Variance of Parking Pricing Elasticity

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Published by: parkingeconomics on Nov 22, 2010
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TEMPORAL VARIANCE OF REVEALED PREFERENCE ON-STREET PARKING PRICE ELASTICITY
J. Andrew Kelly and J. Peter ClinchDEPARTMENT OF PLANNING AND ENVIRONMENTAL POLICY,UNIVERSITY COLLEGE DUBLIN,RICHVIEW, CLONSKEAGH,DUBLIN 14, IRELANDCorrespondence to:
 Andrew Kelly,Department of Planning and Environmental Policy,University College DublinTel: +353-1-269 7988Fax: +353-1-283 2795E-mail: Andrew.Kelly@ucd.ie
 © J.A Kelly and J.P. Clinch (2005)
 
 
TEMPORAL VARIANCE OF REVEALED PREFERENCE ON-STREET PARKING PRICE ELASTICITY
 
ABSTRACT
This paper utilises revealed-preference parking trend data from parking meters
ex ante
and
ex post 
of ageneral 50% price increase in the hourly cost of on-street parking to estimate the short-run parkingprice elasticity of demand in an area of Dublin, Ireland. Using a custom-built program for generatinghourly and daily occupancy levels, estimates are presented for the aggregate price elasticity of demandlevel and individual estimates for specific time periods and days of the week. In terms of reducedparking frequency, the average price elasticity of demand reported is –0.29. Daily average estimates areconsistent, with one notable exception being Thursday, a ‘late night shopping’ day for which a lowerprice elasticity is reported. Morning periods are also shown to be more responsive than other timeperiods in the test area, indicating some potential for influencing morning inbound peak traffic levels.
Keywords:
Parking, Pricing, Policy, Elasticity, Transport, Demand
1
 
 
INTRODUCTION
Numerous studies have attempted to model and/or investigate the potential influence of parking policyon traffic and travel behaviour. Examples of such research include work by Arnott and Inci (2005),Shiftan (2002), Calthrop (2002), Hensher (2001), Tsamboulas (2001), Shoup (1999), Kuppam et al.(1995) and Kelly and
 
Clinch (2003 a,b,c). However, although all related to parking, there aresignificant distinctions between various pieces of parking research, as these affect their applicability toalternate scenarios. The first such distinction is the type of parking facility and the needs it serves.Influencing short stay parking behaviour in a shopping centre multi-storey car park (MSCP) relative toall day commuter parking in a private non-residential (PNR) office car park is likely to require differentapproaches and considerations. A second distinction is the approach of a given parking policy. Parkingpolicy can relate to a change in the price of parking or the supply of parking, again two policyapproaches with distinct considerations. Finally the scope of a policy change is also of significantrelevance to the observed or calculated results of a given scenario. How much of the parking market isyour policy affecting, is it a localised or broader initiative?This paper uses actual parking demand data to examine parking policy in terms of the price elasticity of demand of the on-street parking market in Dublin city centre when faced with a citywide increase inthe hourly cost of on-street parking of 50%. As parking pricing offers the potential to vary the chargeby location, day and hour, this paper seeks to explore the variance in effect of a fixed-charge parking-price increase across the days and hours of a six-day week (Sunday excluded). The study aims tohighlight the presence of daily and temporal price sensitivity variations and their relevance to a policymaker.
METHODOLOGY
The generation of the necessary data for this study required revealed preference parking demand data
ex ante
and
ex post 
of a price change, with as much control or consideration of extraneous factors (thatmay have influenced parking demand other than the price change) as possible. Given these data andusing the log arc elasticity of demand formula, the generation of price elasticity of demand estimates ispossible. The study does not use a generalised cost model for parking (including search time), butrather focuses exclusively on the revealed preference data available for all parking events in the casestudy area. Further work will endeavour to incorporate search time and a value of time estimate into thework using stated preference survey data taken from the area at the same time as both data collections.The first section of this methodology deals with the collection of the required data whilst the secondsection presents a short review of the various extraneous factors potentially influencing parkingdemand in the test area.
 Data Source
The revealed-preference parking data in this study are drawn from the parking meters in a central highdemand on-street parking area of Dublin. Data collections were performed on a weekly basis with databeing uploaded to a parking meter database management system (Logiparc©) at the end of each week.These data contained information on every aspect of each individual parking transaction that took placeover the course of 6 weeks, and through manipulation by a custom-built program, were capable of delivering the number of cars that should be legally parked at any given hour on any given day in thetest area. Results were collated in the form of average parking occupancy levels for four time periods(9am, 12pm, 3pm and 6pm) for each day (Monday through Saturday) in a six week sample of allparking data in the area. A simplified version of the format of these raw data as taken from the parkingmeters and the calculation process conducted by the custom built program (Space Utilisation Program)is outlined in Box 1.
Insert Box 1 about here
 Shortly after the first data collection in 2000 there was a citywide increase in the price per hour of on-street parking, with all city levels being increased by 50%. The following summer, in August of 2001, amirror set of parking data was collected from the same location in order to provide the requisite
2

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