Parking Lot Allocation and Dynamic Parking Fee System Based on a Mechanism Design Approach

In this paper, we present a discussion on smart parking systems in urban traffic networks. Reduced vehicle speed when drivers search for parking lots contributes to increased traffic jams in recent urban traffic networks. We aim to shorten the searching time for parking lots, which is one of the causes of traffic jams, by allocating available parking lots to drivers. Furthermore, we design a dynamic parking fee system and redistribute parking lots to equalize the profits earned by managers of multiple parking lots in traffic-congested areas. We then finally confirm the effectiveness of the proposed algorithm through numerical simulations.