Parking Choices and Pricing Preferences

Abstract

Parking is often priced to recover costs or increase revenue for cities and private parking operators. It is also an effective transportation demand management tool for reducing energy use, emissions and congestion. The type of parking pricing policies will impact parking demand differently. Results from a multinomial logit model show that a flexible parking permit is the most preferred parking option. Parking options with shorter walking times are highly attractive. The value of walking time is estimated to be $14.71 per hour, implying that commuters are willing to pay $0.25 to park a minute closer to their workplace.

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