Incorporating Waiting Time in Competitive Location Models: Formulations and Heuristics

Networks and Spatial Economics, Forthcoming

Posted: 13 Mar 2007

See all articles by Francisco J. F. Silva

Francisco J. F. Silva

University of the Azores - Department of Economics and Business

Daniel Serra

Universitat Pompeu Fabra - Faculty of Economic and Business Sciences

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

Suggested Citation

Silva, Francisco J. F. and Serra, Daniel, Incorporating Waiting Time in Competitive Location Models: Formulations and Heuristics. Networks and Spatial Economics, Forthcoming, Available at SSRN: https://ssrn.com/abstract=969410

Francisco J. F. Silva (Contact Author)

University of the Azores - Department of Economics and Business ( email )

9501-801 Ponta Delgada Azores
Portugal

Daniel Serra

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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