A Dynamic Pricing Model of Bicycle Sharing Systems
Date
2015
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Haverford College. Department of Economics
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Thesis
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eng
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Abstract
A bicycle sharing system is a service in which people can rent a bike to travel, usually from one bike station to another and over a short period of time. Bicycle sharing systems are now available in over 700 cities in the world after seeing a tremendous growth in the last decade. They are an integral part of many cities’ public transportation system. Most bicycle sharing systems currently employ a fixed pricing scheme. However, with all the recent advancements in mobile technology, it has become increasingly easier for consumers to be informed, which opens up the possibility of having a dynamic pricing scheme in which the price changes according to the station and the time of the day. In this paper, I will create a simple dynamic pricing model. As the cost of operating a bicycle sharing system is largely fixed, I will assume that the entire purpose of the operator of the bicycle sharing system is to maximize revenues from trips. I will then solve for the conditions that will maximize the revenues given a certain set of parameters.