This paper explores monopoly pricing for heterogeneous parking demand with different parking time periods. Parking demands can be grouped as: short-time period and long-time period parking demands. The two types of demand will compete for a limited parking space and a fixed parking space. Part of the demanders that do not obtain parking at time i will continue searching for parking at time i+1. The parking space available at time i+1 will be the sum of the leaving consumers at the beginning of this time period plus the space not being used as parking in pervious periods. The monopoly maximizes the profit accumulated by each time period. The result shows that the parking fees for the two groups of demands will be a combination of two pricing principles: “duration” based and “right” based pricing. The former charges the same amount of fee for every unit period and the latter charges the same fee for both groups of demands. |
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