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A Lanchester-Type Dynamic Game of Advertising and Pricing

In: Games in Management Science

Author

Listed:
  • Steffen Jørgensen

    (University of Southern Denmark)

  • Simon Sigué

    (Athabasca University)

Abstract

The paper studies a differential game played by two competing firms over a finite time horizon. As the game progresses, the firms observe the position of the game, i.e., the current time and the current market shares. Each firm uses pricing and advertising in order to influence market shares. We suggest a generalization of the Lanchester market share dynamics such that the rates at which firms attract market share from each other are determined not only by their advertising efforts but also by the consumer prices charged in the market. A full characterization of Nash equilibrium price and advertising strategies is obtained.

Suggested Citation

  • Steffen Jørgensen & Simon Sigué, 2020. "A Lanchester-Type Dynamic Game of Advertising and Pricing," International Series in Operations Research & Management Science, in: Pierre-Olivier Pineau & Simon Sigué & Sihem Taboubi (ed.), Games in Management Science, pages 1-14, Springer.
    • Handle: RePEc:spr:isochp:978-3-030-19107-8_1
    DOI: 10.1007/978-3-030-19107-8_1
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    Cited by:

    1. Moshe Kress, 2020. "Lanchester Models for Irregular Warfare," Mathematics, MDPI, vol. 8(5), pages 1-14, May.

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