Optimal search on spatial paths with recall,Part II: Computational procedures and examples |
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| Authors: | Mitchell Harwitz Barry Lentnek Peter Rogerson T.E. Smith |
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| Affiliation: | (1) Department of Economics, State University of New York at Buffalo, 415 Fronczak Hall, Buffalo, NY 14260-1520, USA (e-mail: harwitz@acsu.buffalo.edu) , US;(2) Department of Geography, State University of New York at Buffalo, Wilkeson Quad, Buffalo, NY 14261, USA (e-mail: geobl@acsu.buffalo.edu) , US;(3) Department of Systems Engineering, University of Pennsylvania, 220 South 33rd Street, Philadelphia, PA 19104-6315, USA (e-mail: tesmith@ssc.sas.upenn.edu) , US |
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| Abstract: | 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. Received: 10 October 1996 / Accepted: 3 May 1999 |
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| Keywords: | JEL classification: D83 R10 |
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