Attitudes, personality traits and private parking space owners’ willingness to engage in shared parking schemes: a hybrid prospect theoretic model

To develop effective strategies for the supply of shared parking, the present study investigates factors influencing the willingness of private parking space owners to engage in shared parking. Apart from the attributes of shared parking options, unobserved latent variables measuring attitudes and personality traits, are assumed to play a role in the decision-making process. This study estimates a hybrid prospect theoretic model to investigate the willingness of parking space owners to share their parking space. The latent variables include personality traits and attitudes that are incorporated into a prospect theoretic choice model. Non-linear effects of the latent variables and the interaction effects between personality traits and attitudes are examined. Results indicate that non-linear effects and interactions significantly improve the overall explanatory power of the model. The research findings may help in developing shared parking policies and informing companies and governments how to promote shared parking schemes.