With pressure building on limited infrastructure assets, new dynamic pricing models improve efficiency and embed two key values in the transportation system: users begin paying a direct portion of the actual cost, and prices respond to demand. The advent of mobile technology and embedded sensors make dynamic pricing possible based on variables such as time of day, road congestion, speed, occupancy and even carbon emissions. Pricing variants include: 1) Dynamic tolling where toll rates change based on variables such as the amount of traffic or time of day; and 2) Dynamic parking which uses sensor technology to provide information on vacant spaces and allows parking managers to adjust pricing according to demand
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SF Park, San Francisco’s smart parking management system uses a network of sensors in 7,000 metered parking spots and 12,250 spots in city garages. If spaces in an area open up, the information is communicated to users within a minute. To manage availability, the application periodically adjusts its pricing according to demand, encouraging drivers to park in underused garages and lots.