Preferences over Parking Alternatives in Cartagena, Colombia: ¿How Much Do Drivers Are Willing to Pay?

Abstract

We study the parking choice preferences of drivers in the central business district of Cartagena, Colombia. We use discrete choice models extended with systematic variations of preferences. The models were estimated using data from a stated-preferences survey, using parking costs, travel time from parking to destination, and searching costs (in time) as explanatory variables. The main results show that parking costs are the main parameter influencing the choice of a parking alternative. Other results suggest that high-income drivers are less influenced in their decision by parking costs, in comparison to low-income drivers. We estimated elasticities and found that users value a decrease in the time spent searching for parking accommodation with a willingness-to-pay of around COP $89 – COP $352 / min, while a decrease in the time spent accessing parking is valued in the  COP $123 – COP $489 / min range.