Parking in major cities, particularly with dense traffic, directly effects the traffic flow and people's life. In this paper, we introduce a new smart parking system that is based on intelligent resource allocation, reservation, and pricing. The proposed system solves the current parking problems by offering guaranteed parking reservations with the lowest possible cost and searching time for drivers and the highest revenue and resource utilization for parking managers. New fair pricing policies are also proposed that can be implemented in practice. The new system is based on mathematical modeling using mixed-integer linear programming (MILP) with the objective of minimizing the total monetary cost for the drivers and maximizing the utilization of parking resources.Index Terms-Dynamic pricing, dynamic resource allocation, mixed integer linear programming (MILP), reservation, smart car parking.

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