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A Stochastic Model of Consumer Behavior and Optimal Advertising

  • Charles S. Tapiero

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

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    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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    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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