Incorporating Waiting Time in Competitive Location Models: Formulations and Heuristics

21 Pages Posted: 11 Jun 2008

See all articles by Francisco Silva

Francisco Silva

Universitat Pompeu Fabra - Faculty of Economic and Business Sciences

Daniel Serra

Universitat Pompeu Fabra - Faculty of Economic and Business Sciences

Date Written: May 2008

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.

Keywords: Market capture, queuing, ant colony optimization

JEL Classification: C61, L80

Suggested Citation

Silva, Francisco and Serra, Daniel, Incorporating Waiting Time in Competitive Location Models: Formulations and Heuristics (May 2008). Available at SSRN: https://ssrn.com/abstract=1143273 or http://dx.doi.org/10.2139/ssrn.1143273

Francisco Silva

Universitat Pompeu Fabra - Faculty of Economic and Business Sciences ( email )

Ramon Trias Fargas 25-27
Barcelona, 08005
Spain
(34) 93 542 26 87 (Phone)
(34) 93 542 17 46 (Fax)

Daniel Serra (Contact Author)

Universitat Pompeu Fabra - Faculty of Economic and Business Sciences ( email )

Ramon Trias Fargas 25-27
Barcelona, 08005
Spain
(34) 93 542 16 66 (Phone)
(34) 93 542 17 46 (Fax)

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