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A Stochastic Model of Consumer Behavior and Optimal Advertising

Author

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  • Charles S. Tapiero

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

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.

Suggested Citation

  • Charles S. Tapiero, 1982. "A Stochastic Model of Consumer Behavior and Optimal Advertising," Management Science, INFORMS, vol. 28(9), pages 1054-1064, September.
    • Handle: RePEc:inm:ormnsc:v:28:y:1982:i:9:p:1054-1064
    DOI: 10.1287/mnsc.28.9.1054
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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.
    2. Tapiero, Charles S., 2000. "The NBD repeat purchase process and M/G/[infinity] queues," International Journal of Production Economics, Elsevier, vol. 63(2), pages 141-145, January.

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