Topic: Retail Clustering
glut: (n.) an excessively abundant supply of something
outlet: (n.) a point from which goods are sold or distributed
Hotelling’s model of spatial competition: Involves businesses or entities competing for customers and resources based on their physical proximity to each other.
game theory: Mathematics that studies how people's decisions are influenced by the decisions of others, and gives insight into how strategic interactions can play out in various real-world scenarios, from economics and business to politics and social situations.
Nash equilibrium: A situation in which each person's chosen action is the best response to the other persons' chosen actions, and no person has a reason to change their choice.
socially optimal solution: (n.) the outcome that maximizes overall welfare or benefits society
clusters (n.) groups or collections of similar things or entities that are close together
ensure (v.) to make certain that something will happen
beach goers: (n.) individuals who visit or spend time at the beach
deviate: (v.) depart or stray from a usual or expected course of action or behavior.