Optimal Control Problems in Advertising
Proceedings of the Fourteenth Biennial Seminar of the Canadian Mathematical Congress, University of Western Ontario, Aug. 12-25, 1973, Optimal Control Theory and its Applications, Part II, B.J. Kirby (Ed.), Lecture Notes in Economics and Mathematical Systems, Vol. 106, Springer-Verlag, Berlin, 1974
Posted: 22 Jun 2020
Date Written: 1973
Abstract
My assignment for this lecture is to discuss applications of optimal control theory to Management Science problems. Since the field of Management Science encompasses production, finance, and marketing as its main functional areas which themselves are rather vast, it will not be possible to review all the optimal control problems arising in the literature of Management Science in the next hour. For this reason, I am taking liberty to narrow the scope of my lecture to problems dealing with optimal advertising policy, an area of marketing which has received quite a bit of attention for applications of optimal control theory.
Keywords: Optimal Control Problem, Optimal Policy, Advertising Expenditure, Singular Control Advertising Effort
JEL Classification: C61, M11, M20
Suggested Citation: Suggested Citation