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Development of penalty dependent pricing strategy for bicycle sharing and relocation of bicycles using trucks
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 Title & Authors
Development of penalty dependent pricing strategy for bicycle sharing and relocation of bicycles using trucks
Kim, Woong; Kim, Ki-Hong; Lee, Chul-Ung;
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In this paper, we propose a Bicycle sharing has grown popular around the cities in the world due to its convenience. However, the bicycle sharing system is not problem-free, and there remains many managerial problems to be solved. In this study, we analyzed pricing strategy of a bicycle sharing system by minimizing the number of bicycles relocated by trucks, the act of which incurs penalty. The objective function is constructed by applying mixed integer programming and is presented as a stochastic model by using Markov chain so that arrival and departure rates of bicycle stations can be utilized in the analysis. The efficiency of the presented model is verified upon the analysis of bicycle sharing data gathered in Daejeon in 2014.
Dickey-Fuller test;Markov-chain;bicycle sharing system;bicycle relocation;pricing strategy;service penalty;
 Cited by
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