Analytics Magazine Analytics Magazine, July/August 2014 | Page 84

FIVE- M IN U T E A N A LYST Probabilistic parking problems The whole parking activity brings out the worst behaviors of humankind: hoarding, brinksmanship, scarcity mentality, irrational objective functions… and why as an O.R. professional I love parking lots: because they are so interesting to study. Figure 1: A “smart meter” in a parking lot. This meter has a button next to the coin lot that may be pressed for a free hour of parking. Coins may be added for additional time, up to two hours. BY HARRISON SCHRAMM, CAP 84 | Few things make me more conflicted than parking lots. On a personal level H