Markov perfect equilibrium advertising strategies of Lanchester duopoly model: a technical note

Markov perfect equilibrium advertising strategies of Lanchester duopoly model: a technical note

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Article ID: iaor20073684
Country: United States
Volume: 50
Issue: 7
Start Page Number: 995
End Page Number: 1000
Publication Date: Jul 2004
Journal: Management Science
Authors: , ,
Keywords: markov processes
Abstract:

We propose a numerical approach to compute stationary Markov perfect Nash equilibrium advertising strategies of the Lanchester model. The algorithm can be implemented using a standard mathematical package, and, importantly, it does not require that the players discount their future earnings at a zero rate, an assumption that has been made in the literature.

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