Journal
JOURNAL OF OPTIMIZATION THEORY AND APPLICATIONS
Volume 139, Issue 2, Pages 351-360Publisher
SPRINGER/PLENUM PUBLISHERS
DOI: 10.1007/s10957-008-9472-5
Keywords
Durable goods sales; Advertising; Pricing; Optimal control; Dynamic programming
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A model of new-product adoption is proposed that incorporates price and advertising effects. An optimal control problem that uses the model as its dynamics is solved explicitly to obtain the optimal price and advertising effort over time. The model has a great potential to be used in obtaining solutions and insights in a variety of differential game settings.
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