We present a theoretical discussion of the reversible parking problem, which appears to be one of the simplest systems exhibiting glassy behavior. The existence of slow relaxation, nontrivial fluctuations, and an annealing effect can all be understood by recognizing that two different time scales are present in the problem. One of these scales corresponds to the fast filling of existing voids, the other is associated with collective processes that overcome partial ergodicity breaking. The results of the theory are in a good agreement with simulation data; they provide a simple qualitative picture for understanding recent granular compaction experiments and other glassy systems.
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