Last Rites (Quiz-Part) (450/99)


Select 2 questions out of each of the four equally weighted groups (roughly 5 minutes per question, 10 minutes per group)

I (Select 2) Define each concept and either explain how it is used or how it can be used in a location-theoretical discourse:

1. spatial demand curve

2. locational rent function

3. spatial iso-outlay line

 

II (Select 2)

4. Market area analysis/ Central Place Theory: Explain the nature of the minimum spatial threshold equilibrium identified by the point of tangency of two functions.

5. Weber's Industrial Location Theory: Explain the locational importance of "weightloss" in the Weberian production process.

6. Hotelling: Explain the locational importance of the assumption of "distance-inelasticity of demand" for the Hotelling equilibrium. AND: What kinds of conditions may lead to such inelasticity?

 

III (Select 2)

7. What is the "expected value maximization principle"? Please come up with a very simple example in which you calculate the EV for two locational strategies resulting in two differently high expected values.

8. What is the minimax/maximin (Wald) strategy? Why is this strategy generally considered conservative?

9. How would you characterize a locational decision environment which you have given the label "turbulent"? Identify at least one behavioral response to such turbulence.

 

IV (Select 2)

10. Why did Kepner & Tregoe, the locational consultants (which Hayter cites), make a distinction between "musts" and "wants" in their decision strategy?

11. Explain the concept of "truncation" (as used in the Hayter text) and its economic-geographic significance.

12. List clearly articulated situations (as many as you can) in which two boundedly rational decision-makers may come up with different location decisions or outcomes for identical economic activities.