Shared Parking Decision Behavior of Parking Space Owners and Car Travelers Based on Prospect Theory—A Case Study of Nanchang City, China

Abstract

Shared parking improves the utilization rate of parking spaces by taking advantage of temporal and spatial differences, which is conducive to alleviating parking problems. From the perspective of bounded rationality, this paper studies the factors that influence the decision behavior of parking space owners and car travelers (non-residential drivers who have parking needs near residential areas) in sharing parking spaces. Prospect theory was used to analyze the bounded rational behavior characteristics of parking space owners and car travelers, and a value function model with rental price as the reference point was established. Combined with the survey data of the Xinhuangcheng district in Nanchang City, China, the shared parking space rental price that satisfied both parties was analyzed in this case study. The results of the study show that factors such as personal characteristics and behavioral habits affect the decision behavior of parking space owners and car travelers, and that rental price is a key factor. When the rental price of parking spaces is close to the maximum price desired by the owner, the owner feels the benefit and is willing to share the private parking space, but when the rental price differs greatly from the maximum price desired by the owner, the owner feels the loss and is not willing to share the parking space. From the survey data, it can be concluded that the ideal rental price of shared parking spaces around the survey area is 5 CNY/h. This paper provides a theoretical basis and guidance for the formulation of shared parking policies, which can help solve parking problems.