IMPERFECT INFORMATION,UNCERTAINTY AND OPTIMAL SAMPLING IN LOCATION THEORY: AN INITIAL REEXAMINATION OF HOTELLING,WEBER, AND VON THÜNEN*

ABSTRACT Sophisticated locational analysis should no longer proceed without examining (1) the feasibility of reducing uncertainty about the size and spatial spread of the market, prices and other elements and (2) the practicality of information generation through sampling. The present paper points out the methodology for Hotelling-, Weberian- and von Thünen- type location problems by examining simplified situations.     

A COMMODITY-REGIONAL MODEL OF WEST VIRGINIA*

This paper presents the specification, estimation, validation, and application of a modeling study which analyzes the possible impacts of a resource industry on a state economy. The Commodity Regional Econometric Annual Macro Model of West Virginia (CREAM model) is composed of a commodity model of the West Virginia coal industry and a macroeconometric regional model of the West Virginia state economy. The model describes the detailed interrelationship between the primary commodity sector and the rest of the economy of the region. The CREAM model utilizes the concept of engine of growth at the regional level and shows the impacts of market fluctuations in the demand for and value of coal on the economy of the state.