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Incorporating waiting time in competitive location models: formulations and heuristics

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Author Info
Francisco Silva
Daniel Serra ()

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Abstract

In this paper we propose a metaheuristic to solve a new version of the Maximum Capture Problem. In the original MCP, market capture is obtained by lower traveling distances or lower traveling time, in this new version not only the traveling time but also the waiting time will affect the market share. This problem is hard to solve using standard optimization techniques. Metaheuristics are shown to offer accurate results within acceptable computing times.

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Publisher Info
Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 1091.

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Date of creation: May 2008
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Handle: RePEc:upf:upfgen:1091

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Web page: http://www.econ.upf.edu/

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Related research
Keywords: Market capture; queuing; ant colony optimization;

Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
L80 - Industrial Organization - - Industry Studies: Services - - - General

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  1. D Serra & S Ratick & C ReVelle, 1996. "The maximum capture problem with uncertainty," Environment and Planning B: Planning and Design, Pion Ltd, London, vol. 23(1), pages 49-59, January. [Downloadable!] (restricted)
  2. Hakimi, S. Louis, 1983. "On locating new facilities in a competitive environment," European Journal of Operational Research, Elsevier, vol. 12(1), pages 29-35, January. [Downloadable!] (restricted)
  3. Helena Ramalhinho-Lourenço & Daniel Serra, 1998. "Adaptive Approach Heuristics for The Generalized Assignment Problem," Economics Working Papers 288, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  4. Daniel Serra & Charles Revelle & Ken Rosing, 1999. "Surviving in a Competitive Spatial Market: The Threshold Capture Model," Economics Working Papers 359, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  5. Kohlberg, Elon, 1983. "Equilibrium store locations when consumers minimize travel time plus waiting time," Economics Letters, Elsevier, vol. 11(3), pages 211-216. [Downloadable!] (restricted)
  6. Rosing, K. E. & ReVelle, C. S., 1997. "Heuristic concentration: Two stage solution construction," European Journal of Operational Research, Elsevier, vol. 97(1), pages 75-86, February. [Downloadable!] (restricted)
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