Pay for Intersection Priority: A Free Market Mechanism for Connected Vehicles

The rapid development and deployment of vehicle technologies offer opportunities to re-think the way traffic is managed. This article capitalizes on connectivity proposes an economic instrument corresponding cooperative framework for allocating priority at intersections. compatible with a variety existing intersection control approaches. Similar free markets, our allows vehicles trade their time based (disclosed) value time. We design transferable utility games, where winners (time buyers) pay losers sellers) in each game. conduct simulation experiments both isolated intersections arterial setting. results show that proposed approach benefits majority users when compared other mechanisms ones employ do not. also it drives travelers estimate correctly, naturally dissuades from attempting cheat.