Customer Exposure to Sellers, Probabilistic Optimization and Profit Research

Miltiadis Chalikias, Panagiota Lalou and Michalis Skordoulis
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Miltiadis Chalikias: Department of Accounting and Finance, School of Business and Economics, University of West Attica, 250 Thivon and Petrou Ralli, GR12244 Egaleo, Greece
Panagiota Lalou: Department of Accounting and Finance, School of Business and Economics, University of West Attica, 250 Thivon and Petrou Ralli, GR12244 Egaleo, Greece
Michalis Skordoulis: Department of Forestry and Management of the Environment and Natural Resources, School of Agricultural and Forestry Sciences, Democritus University of Thrace, 193 Pantazidou, GR68200 Orestiada, Greece

Mathematics, 2019, vol. 7, issue 7, 1-7

Abstract: This paper deals with a probabilistic problem in which there is a specific probability for a customer to meet a seller in a specified area. It is assumed that the area in which a seller acts follows an exponential distribution and affects the probability of meeting with a customer. Furthermore, the range in which a customer can meet a seller is another parameter which affects the probability of a successful meeting. The solution to the problem is based on a bomb fragmentation model using Lagrange equations. More specifically, using Lagrange equations, the abovementioned dimensions will be calculated in order to optimize the probability of a customer meeting a seller.

Keywords: probabilistic analysis; optimization; Lagrange equations; operations research; bomb fragmentation (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2019
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