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Just have metered parking everywhere and have the cost per unit time reflect the local demand for parking. Now you've eliminated an externality.



> Just have metered parking everywhere and have the cost per unit time reflect the local demand for parking. Now you've eliminated an externality.

But that doesn't resolve the question of the supply of parking spaces - i.e., how many there should be. That only allocates the existing ones.

Also, it allocates them to those who can pay more; that's not always desirable. For example, should citizens' access to the grocery store be limited by their ability to pay for parking? To city hall?


Yes? It's a finite resource that has to be allocated somehow. Having to have space for parking is a negative externality of owning a car. Make owning a car more expensive and you'll see fewer people driving, taking up parking spaces.

I don't own a car because it doesn't make financial sense for me to do so. That's the kind of longer term market impact you'd want to see.

Edit: The choices are not between allowing people to go to the grocery store and courthouse or not, it's between taking the bus and driving. I do just fine on public transport without a car.


Who gets to decide the cost per unit time? Do we have 24/7 real-time bidding system?


Presumably some governmental authority. Some realtime bidding system would be nice, but that may or may not realistic. I think a realistic goal is that the prices should be set such that there's always 1-2 spots available in any given small area (say, one city block). If you have zero spots available, then the prices are too low and should be raised. If half the street is empty, the prices are too high and should be lowered. The prices will have to adjust based on time of day and day of week, etc.. It doesn't have to be be perfect to be much better than the system we have now.


> Some realtime bidding system would be nice, but that may or may not realistic.

Realtime bidding would be a UX nightmare, though I guess it's Econ 101 (i.e., ignoring lots of real factors, including transaction costs) optimal.


Yea, I don't really think realtime bidding is worthwhile for these kinds of transactions. It makes bothering with it too much trouble.

Rather, I think a municipality setting prices by fiat to be something that mostly gives the an approximate solution most of the time.




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