Boris’s Bikes - Gearing up for Success?

Over one million bike rides have been taken using the new bicycle hire system introduced by Boris Johnson and Transport for London (supported by Barclays). Perhaps this is a good example of how getting the pricing right and other related incentives and disincentives provides the right choice architecture for a successful scheme and a change in commuter behaviour?

Membership of the scheme is affordable (£45 per year + £3 for each key) and journeys under thirty minutes are free at any time. There are stiff penalties for late and non-return of the bikes as well as for damaged bikes. The network of docking stations is substantial and TFL appear to becoming more proficient in getting round London and re-balancing supply with demand for bikes at key times during the day.

I was chatting to a couple of students at the LSE the other day who make daily use of the bikes to and from lectures.

To judge from the heavy demand for bikes at the Waterloo and South Bank docking stations as I have been walking past in recent weeks, there is already firm evidence that the scheme has bedded in well. The number of stolen bikes is far lower than in Paris and the volume of bike rides taken is set to grow strongly as new docking stations are opened and the stock of bikes grows. There is still plenty to do - many users complain of logistics problems that leave docking stations empty and also the limited choice of gears - but the early signs are promising indeed.

The Guardian writes in praise of the scheme here.