Method and system for maximizing share-ride bookings

A system for maximizing share-ride bookings in a geographical area, the system comprising:

• a processor configured to:
• determine a set of source-destination clusters for the geographical area based on historical share-ride booking data;
• estimate historical share-ride demands for the geographical area based on historical share-ride demand data;
• segment a time period into a plurality of time intervals such that each of the plurality of time intervals has an equal count of the estimated historical share-ride demands, wherein a start time of each of the plurality of time intervals is a check point of each of the plurality of time intervals;
• and
• determine a conversion rate and a gross merchandise value (GMV) per unit of distance for a first time interval of the plurality of time intervals at the check point of a second time interval of the plurality of time intervals based on first share-ride bookings associated with the first time interval;
• and
• a feedback loop controller configured to:
• generate first and second error signals at the check point of the second time interval based on deviations in the determined conversion rate and the determined GMV per unit of distance of the first time interval with respect to a defined conversion rate and a defined GMV per unit of distance, respectively;
• and
• control a share-ride fare of second share-ride bookings in the second time interval based on the first and second error signals that maximizes the second share-ride bookings in the second time interval, wherein the second share-ride bookings are associated with a subset of source-destination clusters selected from the set of source-destination clusters.