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Location theory has become an integral part of economic geography, regional science, and spatial economics. Location theory addresses questions of what economic activities are located where and why. Location theory or microeconomic theory generally assumes that agents act in their own self-interest. Firms thus choose locations that maximize ...
In geometry, the Weber problem, named after Alfred Weber, is one of the most famous problems in location theory.It requires finding a point in the plane that minimizes the sum of the transportation costs from this point to n destination points, where different destination points are associated with different costs per unit distance.
The study of facility location problems (FLP), also known as location analysis, is a branch of operations research and computational geometry concerned with the optimal placement of facilities to minimize transportation costs while considering factors like avoiding placing hazardous materials near housing, and competitors' facilities.
Central place theory is an urban geographical theory that seeks to explain the number, size and range of market services in a commercial system or human settlements in a residential system. [1] It was introduced in 1933 to explain the spatial distribution of cities across the landscape. [ 2 ]
Soja's concept of Thirdspace "breaks the Firstspace-Secondspace dualism and comprises such related concepts as 'place, location, locality, landscape, environment, home, city, region, territory and geography' (50) that attempts to come to terms with the representational strategies of real and imagined places.
Weber supported reintroducing theory and causal models to the field of economics, in addition to using historical analysis. In this field, his achievements involve work on early models of industrial location. He lived during the period when sociology became a separate field of science. [citation needed]
The bid rent theory is a geographical economic theory that refers to how the price and demand for real estate change as the distance from the central business district (CBD) increases. Bid Rent Theory was developed by William Alonso in 1964, it was extended from the Von-thunen Model (1826), who analyzed agricultural land use.
In economics, a location model or spatial model refers to any monopolistic competition model that demonstrates consumer preference for particular brands of goods and their locations. Examples of location models include Hotelling 's Location Model, Salop 's Circle Model, and hybrid variations.