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A Stochastic Model of Consumer Behavior and Optimal Advertising

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Author Info

  • Charles S. Tapiero

    (The Hebrew University, Jerusalem and the European Institute for Advanced Studies in Management, Brussels)

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    Abstract

    A stochastic consumer behavior model is constructed transforming Nicosia's (Nicosia, F. M., 1966. Consumer Decision Processes. Prentice-Hall, Englewood Cliffs, New Jersey.) postulates into probability hypotheses. Nicosia's deterministic model is obtained in the mean evolutions and variance-covariances, defined by a system of linear differential equations obtained. This system, forming together with mean evolutions a closed system of five simultaneous differential equations is studied for stability, to devise optimal communication strategies and for suggesting an estimation technique.

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    File URL: http://dx.doi.org/10.1287/mnsc.28.9.1054
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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 28 (1982)
    Issue (Month): 9 (September)
    Pages: 1054-1064

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    Handle: RePEc:inm:ormnsc:v:28:y:1982:i:9:p:1054-1064

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    Related research

    Keywords: dynamic programming: control theory; marketing: advertising/promotion; marketing: buyer behavior;

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    Cited by:
    1. Tapiero, Charles, 2003. "Risk Management: An Interdisciplinary Framework," ESSEC Working Papers DR 03014, ESSEC Research Center, ESSEC Business School.

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