Infinite-horizon optimal advertising in a market for durable goods

Thomas A. Weber

16 citations0/0 files storedOptimal Control Applications and Methods

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Consumer Market Behavior and Pricing Supply Chain and Inventory Management Optimization and Variational Analysis

Abstract

In this paper we analyse the optimal infinite-horizon advertising policy of a monopolist firm in a market for durable goods, based on classic models by Vidale–Wolfe (Oper. Res. 1957; 5(3):370–381) and Nerlove–Arrow (Economica 1962; 29(114):129–142). A set of necessary conditions for optimality generalizing previous results is provided for the resulting non-convex system. In addition, we establish local (and in some cases global) asymptotic convergence of an optimal trajectory towards the unique optimal steady state. Copyright © 2005 John Wiley & Sons, Ltd.

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References

1980Design and marketing of new products 1962Optimal Advertising Policy under Dynamic Conditions 1971Public Investment, the Rate of Return, and Optimal Fiscal Policy.1976Optimal Advertising Policy Under Dynamic Conditions 1981Design and marketing of new products 1957An Operations-Research Study of Sales Response to Advertising 1985A New Product Adoption Model with Price, Advertising, and Uncertainty 1994Dynamic Optimal Control Models in Advertising: Recent Developments

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2018Existence and uniqueness of optimal dynamic pricing and advertising controls without concavity 2021Differential game approach to pricing and advertising decisions 2009Advertising and production of a seasonal good for a heterogeneous market

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