Risk behaviour and optimum advertising with a stochastic dynamic sales response

Charles S. Tapiero; Jehoshua Eliashberg; Yoram Wind

doi:10.1002/oca.4660080310

Risk behaviour and optimum advertising with a stochastic dynamic sales response

Charles S. Tapiero^*
, Jehoshua Eliashberg
, Yoram Wind

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

4 Scopus citations

Abstract

A stochastic (diffusion) sales response model to advertising is postulated. Optimum advertising policies are then found by solving a stochastic control problem with reflecting boundaries. Analytical results are obtained and interpreted to yield insights regarding a firm's risk behaviour and its optimal advertising policy.

Original language	English
Pages (from-to)	299-304
Number of pages	6
Journal	Optimal Control Applications and Methods
Volume	8
Issue number	3
DOIs	https://doi.org/10.1002/oca.4660080310
State	Published - 1987
Externally published	Yes

Keywords

Optimal advertising
Sales response models
Stochastic optimal control

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10.1002/oca.4660080310

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title = "Risk behaviour and optimum advertising with a stochastic dynamic sales response",

abstract = "A stochastic (diffusion) sales response model to advertising is postulated. Optimum advertising policies are then found by solving a stochastic control problem with reflecting boundaries. Analytical results are obtained and interpreted to yield insights regarding a firm's risk behaviour and its optimal advertising policy.",

keywords = "Optimal advertising, Sales response models, Stochastic optimal control",

author = "Tapiero, \{Charles S.\} and Jehoshua Eliashberg and Yoram Wind",

year = "1987",

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AU - Tapiero, Charles S.

AU - Eliashberg, Jehoshua

AU - Wind, Yoram

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AB - A stochastic (diffusion) sales response model to advertising is postulated. Optimum advertising policies are then found by solving a stochastic control problem with reflecting boundaries. Analytical results are obtained and interpreted to yield insights regarding a firm's risk behaviour and its optimal advertising policy.

KW - Optimal advertising

KW - Sales response models

KW - Stochastic optimal control

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DO - 10.1002/oca.4660080310

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SP - 299

EP - 304

JO - Optimal Control Applications and Methods

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Risk behaviour and optimum advertising with a stochastic dynamic sales response

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