Assessment of the economic and social impact of shared parking in residential areas

Abstract

Shared parking schemes are not commonly implemented in residential areas due to the uncertainty and conflicts associated with the benefits of such schemes for stakeholders, namely, parking suppliers, parking managers, and the public. To evaluate the economic and social impacts of shared parking in residential areas on its stakeholders, the risk and benefit factors were determined through influential analysis and a questionnaire. A risk-benefit model was established to quantify the risks and benefits for stakeholders. The social return on investment and sensitivity analysis were applied to estimate the economic feasibility of shared parking in residential areas. The methodology combined the use of qualitative, quantitative, and financial information gathered and analyzed to estimate the "value" of shared parking, including its risks, benefits, management pressure, and social benefit. The model was calibrated using the survey data collected from the city of Ningbo in China. The results showed that: (1) The net present value was negative, indicating that the benefits of shared parking were lower than the risks, and thus this scheme would not be economically feasible in residential areas. (2) The cost of purchasing new equipment and rebuilding parking lots had the greatest impact on the benefits of shared parking in residential areas, with a sensitivity coefficient of 4.396, followed by the income from shared parking charges (3.885), and the salary of parking managers (3.619). (3) If the income from parking charges and the salary of parking managers were more than 69,408.5 and 31,091.1 yuan per month, respectively, and the cost of improving parking infrastructure was less than 14,003.2 yuan per month, residential areas could obtain additional benefits due to the acceptance of a shared parking scheme. This study provides theoretical support for the reasonable determination of the costs, risks, and benefits associated with participating in a shared parking scheme in a residential area.