Boundary value problems in stochastic optimal control of advertising

Authors:
Kalyan Raman
Affiliations:
Loughborough Business School, Loughborough University, Leicestershire, LE 11 3TU, Great Britain, UK
Venue:
Automatica (Journal of IFAC)
Year:
2006

Citing 4
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Abstract

Temporal patterns for advertising include constant spending over time, decreasing spending over time and increasing spending over time. This research shows that all these spending patterns emerge at optimality for the same response function dynamics, due to differences in salvage value assumptions. I use these results to develop a methodology for determining the optimal planning horizon length for each pattern of spending.