Abstract
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.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 313-331 |
| Number of pages | 19 |
| Journal | Optimal Control Applications and Methods |
| Volume | 10 |
| Issue number | 4 |
| DOIs | |
| State | Published - 1989 |
All Science Journal Classification (ASJC) codes
- Control and Systems Engineering
- Software
- Control and Optimization
- Applied Mathematics
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