Optimal Control Problems in Advertising

My assignment for this lecture is to discuss applications of optimal control theory to Management Science problems. Since the field of Management Science encompasses production, finance, and marketing as its main functional areas which themselves are rather vast, it will not be possible to review all the optimal control problems arising in the literature of Management Science in the next hour. For this reason, I am taking liberty to narrow the scope of my lecture to problems dealing with optimal advertising policy, an area of marketing which has received quite a bit of attention for applications of optimal control theory.1

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