Paper #1091

Title:

Incorporating waiting time in competitive location models: Formulations and heuristics

Authors:

Francisco Silva and Daniel Serra

Date:

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 codes:

C61, L80

Area of Research:

Operations Management

Published in:

Network and Spatial Economics, 2, 1, 2007

Download the paper in PDF format