Transportation

Competing for congestible goods: experimental evidence on parking choice

M. Pereda, J. Ozaita, et al.

This innovative research by María Pereda, Juan Ozaita, Ioannis Stavrakakis, and Angel Sánchez delves into the dynamics of parking design, contrasting the trade-offs between convenient, limited-space lots and less convenient unlimited-space alternatives. Their findings reveal surprising insights into competition and decision-making in congestible goods scenarios.

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Abstract

This paper experimentally studies a congestible goods problem relevant to parking design: choosing between a convenient, limited-space parking lot and a less convenient, unlimited-space one. The Nash equilibrium reasonably predicts competition for the convenient lot when spots are scarce, but not when more available. The Rosenthal equilibrium, a bounded-rationality approach, better describes the experimental results, accounting for decision randomness. A dynamic model demonstrates how Rosenthal equilibria are approached. The findings offer insights for parking lot design and understanding similar congestible goods problems.

Publisher

Scientific Reports

Published On

Nov 30, 2020

Authors

María Pereda, Juan Ozaita, Ioannis Stavrakakis, Angel Sánchez