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Bounded rationality can make parking search more efficient: the power of lexicographic heuristics

Bounded rationality can make parking search more efficient: the power of lexicographic heuristics
Bounded rationality can make parking search more efficient: the power of lexicographic heuristics
The search for parking space in busy urban districts is one of those routine human activities that are expected to benefit from the widespread adoption of pervasive sensing and radio communication technologies. Proposed parking assistance solutions combine sensors, either as part of fixed infrastructure or onboard vehicles, wireless networking technologies and mobile social applications running on smartphones to collect, share and present to drivers real-time information about parking demand and availability.

One question that arises is how does (and should) the driver actually use such information to take parking decisions, e.g., whether to search for on-street parking space or drive to a parking lot and, in the latter case, which one. The paper is, hence, a performance analysis study that seeks to capture the highly behavioral and heuristic dimension of drivers’ decisions and its impact on the efficiency of the parking search process. To this end, and in sharp contrast with the existing literature, we model drivers as agents of bounded rationality and assume that their choices are directed by lexicographic heuristics, an instance of the fast and frugal heuristics developed in behavioral sciences such as psychology and biology. We analyze the performance of the search process under these heuristics and compare it against the predictions of normative game-theoretic models that assume fully rational strategically acting agents. We derive conditions under which the game-theoretic norms turn out to be more pessimistic than the simpler heuristic choice rules and show that these are fulfilled for a broad range of scenarios concerning the fees charged for the parking resources and their distance from the destinations of the drivers’ trips. The practical implications of these results for parking assistance solutions are identified and thoroughly discussed.
0191-2615
28-50
Karaliopoulos, Merkouris
ae14e366-468e-40c0-9fb4-07d667dcc3f3
Katsikopoulos, Konstantinos
b97c23d9-8b24-4225-8da4-be7ac2a14fba
Lambrinos, Lambros
5df4a356-d277-45c4-b856-85d2fb0d32d7
Karaliopoulos, Merkouris
ae14e366-468e-40c0-9fb4-07d667dcc3f3
Katsikopoulos, Konstantinos
b97c23d9-8b24-4225-8da4-be7ac2a14fba
Lambrinos, Lambros
5df4a356-d277-45c4-b856-85d2fb0d32d7

Karaliopoulos, Merkouris, Katsikopoulos, Konstantinos and Lambrinos, Lambros (2017) Bounded rationality can make parking search more efficient: the power of lexicographic heuristics. Transportation Research Part B: Methodological, 101, 28-50. (doi:10.1016/j.trb.2017.03.008).

Record type: Article

Abstract

The search for parking space in busy urban districts is one of those routine human activities that are expected to benefit from the widespread adoption of pervasive sensing and radio communication technologies. Proposed parking assistance solutions combine sensors, either as part of fixed infrastructure or onboard vehicles, wireless networking technologies and mobile social applications running on smartphones to collect, share and present to drivers real-time information about parking demand and availability.

One question that arises is how does (and should) the driver actually use such information to take parking decisions, e.g., whether to search for on-street parking space or drive to a parking lot and, in the latter case, which one. The paper is, hence, a performance analysis study that seeks to capture the highly behavioral and heuristic dimension of drivers’ decisions and its impact on the efficiency of the parking search process. To this end, and in sharp contrast with the existing literature, we model drivers as agents of bounded rationality and assume that their choices are directed by lexicographic heuristics, an instance of the fast and frugal heuristics developed in behavioral sciences such as psychology and biology. We analyze the performance of the search process under these heuristics and compare it against the predictions of normative game-theoretic models that assume fully rational strategically acting agents. We derive conditions under which the game-theoretic norms turn out to be more pessimistic than the simpler heuristic choice rules and show that these are fulfilled for a broad range of scenarios concerning the fees charged for the parking resources and their distance from the destinations of the drivers’ trips. The practical implications of these results for parking assistance solutions are identified and thoroughly discussed.

Text
Parking Bounded Rationality R2-TRB_2016-617 - Accepted Manuscript
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More information

Accepted/In Press date: 14 March 2017
e-pub ahead of print date: 30 March 2017
Published date: July 2017
Organisations: Decision Analytics & Risk

Identifiers

Local EPrints ID: 407516
URI: https://eprints.soton.ac.uk/id/eprint/407516
ISSN: 0191-2615
PURE UUID: 9db6f02d-842b-4f9f-9764-b35876b3396c

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Date deposited: 13 Apr 2017 01:04
Last modified: 17 Sep 2019 04:56

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