Explicit formulae of distributions and densities of characteristics of a dynamic advertising and pricing model

Kurt L. Helmes, and Torsten Templin. "Explicit formulae of distributions and densities of characteristics of a dynamic advertising and pricing model." Banach Center Publications 105.1 (2015): 119-142. <http://eudml.org/doc/281633>.

@article{KurtL2015,
abstract = {We analyze the optimal sales process of a stochastic advertising and pricing model with constant demand elasticities. We derive explicit formulae of the densities of the (optimal) sales times and (optimal) prices when a fixed finite number of units of a product are to be sold during a finite sales period or an infinite one. Furthermore, for any time t the exact distribution of the inventory, i.e. the number of unsold items, at t is determined and will be expressed in terms of elementary functions. Approximations of the densities of sales times by particular beta densities are proposed. Results related to the infinite horizon model are by-products of the finite horizon analysis.},
author = {Kurt L. Helmes, Torsten Templin},
journal = {Banach Center Publications},
keywords = {stochastic advertising-pricing model; optimal sales process; distributions; densities},
language = {eng},
number = {1},
pages = {119-142},
title = {Explicit formulae of distributions and densities of characteristics of a dynamic advertising and pricing model},
url = {http://eudml.org/doc/281633},
volume = {105},
year = {2015},
}

TY - JOUR
AU - Kurt L. Helmes
AU - Torsten Templin
TI - Explicit formulae of distributions and densities of characteristics of a dynamic advertising and pricing model
JO - Banach Center Publications
PY - 2015
VL - 105
IS - 1
SP - 119
EP - 142
AB - We analyze the optimal sales process of a stochastic advertising and pricing model with constant demand elasticities. We derive explicit formulae of the densities of the (optimal) sales times and (optimal) prices when a fixed finite number of units of a product are to be sold during a finite sales period or an infinite one. Furthermore, for any time t the exact distribution of the inventory, i.e. the number of unsold items, at t is determined and will be expressed in terms of elementary functions. Approximations of the densities of sales times by particular beta densities are proposed. Results related to the infinite horizon model are by-products of the finite horizon analysis.
LA - eng
KW - stochastic advertising-pricing model; optimal sales process; distributions; densities
UR - http://eudml.org/doc/281633
ER -