Year: 2024
Type: article
Abstract: In the rapidly evolving landscape of ride-sharing services, surge pricing has emerged as a crucial mechanism for managing demand and supply dynamics, particularly in multi-city networks. This study explores advanced algorithms designed to optimize surge pricing strategies in these complex environments. By leveraging machine learning techniques and real-time data analytics, the proposed algorithms enhance pricing efficiency while ensuring fairness and customer satisfaction. The research incorporates a multi-agent system approach, facilitating coordinated pricing decisions across different cities to minimize price discrepancies and improve service availability. Simulations demonstrate the effectiveness of the algorithms in maximizing revenue while mitigating negative customer experiences associated with high surge rates. This work contributes to the existing literature on ride-sharing economics by providing a comprehensive framework for implementing advanced surge pricing algorithms, ultimately aiming to enhance operational efficiency and user satisfaction in multi-city ride-sharing networks.
Authors: Abhijeet Bajaj, Dr Satendra Pal Singh, Murali Mohana Krishna Dandu, Raja Kumar Kolli, Om Goel, Prof.(Dr) Punit Goel
Language: English
Subfield: Automotive Engineering
Field: Engineering
Domain: Physical Sciences
Open Access status: diamond
OpenAlex ID: W4403575260