Stochastic Analysis in Location Research

Oded Berman (), Dmitry Krass () and Jiamin Wang ()
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Oded Berman: University of Toronto
Dmitry Krass: University of Toronto
Jiamin Wang: Long Island University

Chapter Chapter 11 in Foundations of Location Analysis, 2011, pp 241-271 from Springer

Abstract: Abstract Modern Location Theory includes a large and growing field studying the impact of various types of uncertainty in location models. This field of Stochastic Location Models can be traced back to the pioneering work of Frank, whose 1966 paper “Optimum Locations on a Graph with Probabilistic Demands” represents the first formal analysis of stochastic issues in location theory. This paper appeared during the “golden age” of Operations Research when many new applications of probability theory to optimization problems were being developed spawning fundamental contributions in a variety of fields such as inventory theory, queuing theory, and stochastic dynamic programming, among others.

Keywords: Objective Function; Maximum Probability; Primary Region; Demand Point; Aspiration Level (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1007/978-1-4419-7572-0_11

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