TY - JOUR
T1 - A reverse Vickrey auction for physical internet (PI) enabled parking management systems
AU - Tan, Bing Qing
AU - Xu, Su Xiu
AU - Kang, Kai
AU - Xu, Gangyan
AU - Qin, Wei
N1 - Funding Information:
The authors thank the reviewers and editors for their critical but constructive comments, and also acknowledge the support from the National Natural Science Foundation of China under Grant 72071093 and 71804034 , the National Key R&D Program of China under Grant 2019YFB1704400 , the 2019 Guangdong Special Support Talent Program-Innovation and Entrepreneurship Leading Team (China) under Grant 2019BT02S593 , the Department of Natural Resources of Guangdong Province (China) under Grant [2020]071 , the Pearl River Talent Recruitment Project of Guangdong under Grant 2017GC010445 .
Publisher Copyright:
© 2021 Elsevier B.V.
PY - 2021/5
Y1 - 2021/5
N2 - In this paper, two types of parking spaces, namely public and private parking spaces, are technically allocated to the drivers who may require a long or short time slot. Dynamic allocation and pricing process increase the complexity of evaluating the performance. We design a Physical Internet (PI) enabled parking management system to establish parking networks and collect real-time information for management and evaluation. Then, we propose a truthful, reverse Vickrey auction to allocate and price parking spaces in a static setting. We further incorporate the static auction mechanism into a continuous-time Markov Chain model and analyze the effects of the key factors (e.g., dynamic arrival rate and abandonment rate) in a dynamic setting. Our experimental results show that the expected price of the reverse Vickrey auction is lower than the market price. The expected profit is increasing in the arrival rate of parking spaces in the system. Finally, we numerically examine the benefits of parking space owners, drivers and the system, and highlight the associated managerial implications.
AB - In this paper, two types of parking spaces, namely public and private parking spaces, are technically allocated to the drivers who may require a long or short time slot. Dynamic allocation and pricing process increase the complexity of evaluating the performance. We design a Physical Internet (PI) enabled parking management system to establish parking networks and collect real-time information for management and evaluation. Then, we propose a truthful, reverse Vickrey auction to allocate and price parking spaces in a static setting. We further incorporate the static auction mechanism into a continuous-time Markov Chain model and analyze the effects of the key factors (e.g., dynamic arrival rate and abandonment rate) in a dynamic setting. Our experimental results show that the expected price of the reverse Vickrey auction is lower than the market price. The expected profit is increasing in the arrival rate of parking spaces in the system. Finally, we numerically examine the benefits of parking space owners, drivers and the system, and highlight the associated managerial implications.
KW - Continuous-time Markov chain
KW - Parking space assignment
KW - Physical internet
KW - Pricing
KW - Vickrey auction
UR - http://www.scopus.com/inward/record.url?scp=85102069013&partnerID=8YFLogxK
U2 - 10.1016/j.ijpe.2021.108083
DO - 10.1016/j.ijpe.2021.108083
M3 - Journal article
AN - SCOPUS:85102069013
SN - 0925-5273
VL - 235
JO - International Journal of Production Economics
JF - International Journal of Production Economics
M1 - 108083
ER -