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Optimal search on spatial paths with recall, Part II: Computational procedures and examples
Author(s) -
Harwitz Mitchell,
Lentnek Barry,
Rogerson Peter,
Smith T. E.
Publication year - 2000
Publication title -
papers in regional science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.937
H-Index - 64
eISSN - 1435-5957
pISSN - 1056-8190
DOI - 10.1111/j.1435-5597.2000.tb00773.x
Subject(s) - reservation , mathematical optimization , computer science , mathematics , mathematical economics , computer network
. This is the second part of a two‐part analysis of optimal spatial search begun in Harwitz et al. (1998). In the present article, two explicit computational procedures are developed for the optimal spatial search problem studied in Part I. The first uses reservation prices with continuous known distributions of prices and is illustrated for three stores. The second does not use reservation prices but assumes known discrete distributions. It is a numerical approximation to the first and also a tool for examining examples with larger numbers of stores.