Municipal authorities around the world have begun to realize that parking is an under-priced asset in many urban areas. As such, authorities have increasingly begun to implement various parking pricing schemes to generate revenue and discourage automobile use in congested urban areas.
One parking pricing scheme that is becoming more popular is Dynamic Pricing (DP). DP utilizes data analytics and information processing to proactively change the price of parking based on demand. For example, parking near a stadium would cost more during a major sporting event. In theory, DP can help maximize parking revenues and better manage demand for limited parking space.
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