Parking Assignment: Minimizing Parking Expenses and Balancing Parking Demand Among Multiple Parking Lots

Recently, a rapid growth in the number of vehicles on the road has led to an unexpected surge of parking demand. Consequently, finding a parking space has become increasingly difficult and expensive. One of the viable approaches is to utilize both public and private parking lots (PLs) to effectively share the parking spaces. However, when the parking demands are not balanced among PLs, a local congestion problem occurs where some PLs are overloaded, and others are underutilized. Therefore, in this article, we formulate the parking assignment problem with two objectives: 1) minimizing parking expenses and 2) balancing parking demand among multiple PLs. First, we derive a matching solution for minimizing parking expenses. Then, we extend our study by considering both parking expenses and balancing parking demand, formulating this as a mixed-integer linear programming problem. We solve that problem by using an alternating direction method of multipliers (ADMM)-based algorithm that can enable a distributed implementation. Finally, the simulation results show that the matching game approach outperforms the greedy approach by 8.5% in terms of parking utilization, whereas the ADMM-based algorithm produces performance gains up to 27.5% compared with the centralized matching game approach. Furthermore, the ADMM-based proposed algorithm can obtain a near-optimal solution with a fast convergence that does not exceed eight iterations for the network size with 1000 vehicles. Note to Practitioners —The efficiency of the parking assignment is critical to the parking management systems in order to provide the best parking guides. This article investigates the cost minimization problem for parking assignment while balancing parking demand among multiple parking lots (PLs). Previous parking assignment approaches do not jointly investigate the cost of parking and the cost of PL utilization. Therefore, they can fail to the local congestion problem caused by a large number of vehicles driving toward the same PL. In this article, a new method that considers both of minimizing parking expenses and balancing parking demand is proposed. It is obtained by using the alternating direction method of multipliers (ADMM)-based proposal that distributively solves a constrained optimization problem. Based on the experimental results, the ADMM-based algorithm outperforms the matching-based algorithm and the greedy algorithm in terms of the balancing parking demand and reducing parking expenses. The proposed method can be readily implemented in real-world industrial PLs. In the future work where parking assignments for electric vehicles are needed, our proposed mechanism can then be extended to solve the balanced electricity overload multiple charging stations.