Optimal advertising and pricing for a three-stage time-lagged monopolistic diffusion model incorporating income

Optimal advertising and pricing for a three-stage time-lagged monopolistic diffusion model incorporating income

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Article ID: iaor1989540
Country: United Kingdom
Volume: 10
Issue: 4
Start Page Number: 313
End Page Number: 331
Publication Date: Oct 1989
Journal: Optimal Control Applications & Methods
Authors: , ,
Keywords: advertising
Abstract:

A three-stage time-lagged diffusion model that incorporates consumers’ income, advertising and price effects is proposed. The derivation of the model synthesizes and relies upon a number of important arguments made in the diffusion and economic literature. Optimal control theory is used to derive normative advertising and pricing strategic implications for a monopolist introducing a new durable product.

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