期刊
EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
卷 255, 期 3, 页码 984-995出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.ejor.2016.06.024
关键词
Advertising; Nerlove-Arrow model; Vidale-Wolfe model; Ozga model; Quality
资金
- NSERC, Canada [37525-2011]
In this paper, we integrate quality as a control variable in three classical dynamic optimal control models of advertising, namely, Nerlove-Arrow, Vidale-Wolfe and Ozga models. Quality refers to design quality, which may deteriorate over time. We assume that decisions in quality improvement can only be made at some exogenously given instants of time, and consequently we use the formalism of impulse optimal control to determine optimal advertising and quality investments. We report numerical results for the three models and discuss the impact of adding quality on the results. (C) 2016 Elsevier B.V. All rights reserved.
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