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Incorporating waiting time in competitive location models: Formulations and heuristics

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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.

Suggested Citation

  • Francisco Silva & Daniel Serra, 2008. "Incorporating waiting time in competitive location models: Formulations and heuristics," Economics Working Papers 1091, Department of Economics and Business, Universitat Pompeu Fabra.
  • Handle: RePEc:upf:upfgen:1091
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    References listed on IDEAS

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    1. 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.
    2. Kohlberg, Elon, 1983. "Equilibrium store locations when consumers minimize travel time plus waiting time," Economics Letters, Elsevier, vol. 11(3), pages 211-216.
    3. 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.
    4. D Serra & H A Eiselt & G Laporte & C S ReVelle, 1999. "Market Capture Models under Various Customer-Choice Rules," Environment and Planning B, , vol. 26(5), pages 741-750, October.
    5. 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.
    6. Carreras, Miquel & Serra, Daniel, 1999. "On optimal location with threshold requirements," Socio-Economic Planning Sciences, Elsevier, vol. 33(2), pages 91-103, June.
    7. Daniel Serra & Charles Revelle, 1992. "The PQ-Median problem: Location and districting of hierarchical facilities. Part I," Economics Working Papers 12, Department of Economics and Business, Universitat Pompeu Fabra.
    8. 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.
    9. 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.
    10. Daniel Serra & Charles Revelle, 1993. "Market capture by two competitors: The pre-emptive location problem," Economics Working Papers 39, Department of Economics and Business, Universitat Pompeu Fabra.
    11. Daniel Serra & Charles Revelle, 1994. "Competitive location in discrete space," Economics Working Papers 96, Department of Economics and Business, Universitat Pompeu Fabra.
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    More about this item

    Keywords

    Market capture; queuing; ant colony optimization;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • L80 - Industrial Organization - - Industry Studies: Services - - - General

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