A systems model for achieving optimum parking efficiency on campus: The case of Minnesota State University

An economic model of parking behavior was designed to consider the relationship between costs and benefits in meeting parking demands of the range of users on an urban university campus. Using Minnesota State University, Mankato campus as the case area, model simulations were run to answer the question, "How do we price parking permits to minimize parking supply surpluses/shortages on campus and still meet the cost of parking?" The study's results indicate that there is an over/undersupply of parking spaces when parking demand is determined only by the expected permit purchases without considering the peak use of parking facilities. This leads to the issues of excess parking costs and parking shortages which characterize the iterative process in campus parking pricing and supply policies. By running the model through several simulations, an "optimum parking price level" - that which minimizes supply excesses/shortages while also ensuring that revenue generated meets at least the annual operations and maintenance costs - was determined for each parking permit on campus.