Dynamic Prices in Ride-Sharing Scenarios

Lech Duraj; Grzegorz Herman

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Paper

Dynamic Prices in Ride-Sharing Scenarios

Topics: Analytics and Optimization; Public Transportation Management

In Proceedings of the 10th International Conference on Vehicle Technology and Intelligent Transport Systems VEHITS - Volume 1, 437-443, 2024 , Angers, France

Authors: Lech Duraj and Grzegorz Herman

Affiliation: Theoretical Computer Science, Faculty of Mathematics and Computer Science, Jagiellonian University, Kraków, Poland

Keyword(s): Pricing Strategy, Dynamic Pricing, Ride Sharing, Dial-a-Ride.

Abstract: We describe a dynamic pricing strategy applicable to ride-sharing scenarios in public transportation services. The strategy incorporates data about relation popularity and price acceptance rates. Crucially, it captures interdependencies between tickets for different relations served by a single vehicle, and thus is able to balance out locally optimal pricing with the expected future evolution of vehicle occupancy state. Based on historical data about a real-world ride-sharing operator, we demonstrate that the proposed method is robust to imperfections in the input data, and estimate it to be more profitable than both fixed-price strategies (even theoretically optimal), and an actual dynamic pricing strategy prescribed by business experts.

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Paper citation in several formats:

Duraj, L. and Herman, G. (2024). Dynamic Prices in Ride-Sharing Scenarios. In Proceedings of the 10th International Conference on Vehicle Technology and Intelligent Transport Systems - VEHITS; ISBN 978-989-758-703-0; ISSN 2184-495X, SciTePress, pages 437-443. DOI: 10.5220/0012722500003702

@conference{vehits24,
author={Lech Duraj and Grzegorz Herman},
title={Dynamic Prices in Ride-Sharing Scenarios},
booktitle={Proceedings of the 10th International Conference on Vehicle Technology and Intelligent Transport Systems - VEHITS},
year={2024},
pages={437-443},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012722500003702},
isbn={978-989-758-703-0},
issn={2184-495X},
}

TY - CONF

JO - Proceedings of the 10th International Conference on Vehicle Technology and Intelligent Transport Systems - VEHITS
TI - Dynamic Prices in Ride-Sharing Scenarios
SN - 978-989-758-703-0
IS - 2184-495X
AU - Duraj, L.
AU - Herman, G.
PY - 2024
SP - 437
EP - 443
DO - 10.5220/0012722500003702
PB - SciTePress