In medium- and large-sized cities, such as Cincinnati, Indianapolis, Chicago, and New York, many residents have been getting rid
of their cars. Keeping a car in a city can be very expensive and quite a hassle due to a lack of parking and strong parking regulations that lead to expensive tickets for even minor parking infringements. Residents have learned that they can join services, such as ZipCar, that allow them to "borrow" cars from a fleet when they need them. They pay a monthly fee for the service, and they use an online application to "reserve" a car for when they need it. All of the hassle is gone; the car is ready for them when they need it; and parking is always guaranteed. ZipCar and other companies like it are examples of:
Sharing Economy is a social and economic model based on the sharing of human, physical or intellectual resources. As a practical example, Google developed Waze based on this mindset. This is a GPS app that uses user-shared real-time traffic data and alerts to improve directions suggested by the app.
In short, a Shared Economy is an economic model where people share a good, another example of this can be seen in the question above regarding ZipCar, where customers pay to share cars between themselves.
