Incorporating Waiting Time in Competitive Location Models: Formulations and Heuristics
21 Pages Posted: 11 Jun 2008
Date Written: May 2008
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.
Keywords: Market capture, queuing, ant colony optimization
JEL Classification: C61, L80
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