Optimal advertising and pricing for a three‐stage time‐lagged monopolistic diffusion model incorporating income | Zendy

Jedidi Kamel | Zendy; Eliashberg Jehoshua | Zendy; Desarbo Wayne S. | Zendy

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Optimal advertising and pricing for a three‐stage time‐lagged monopolistic diffusion model incorporating income

Author(s) -

Jedidi Kamel,

Eliashberg Jehoshua,

Desarbo Wayne S.

Publication year - 1989

Publication title -

optimal control applications and methods

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.458

H-Index - 44

eISSN - 1099-1514

pISSN - 0143-2087

DOI - 10.1002/oca.4660100403

Subject(s) - monopolistic competition , economics , normative , diffusion , normative model of decision making , econometrics , microeconomics , advertising , mathematical economics , monopoly , business , philosophy , physics , epistemology , thermodynamics

A three‐stage time‐lagged diffusion model that incorporates consumers' income, advertising and price effects is proposed. The derivation of the model synthesizes and relies upon a number of important arguments made in the diffusion and economic literature. Optimal control theory is used to derive normative advertising and pricing strategic implications for a monopolist introducing a new durable product.

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