Stochastic diffusion models with advertising and word-of-mouth effects |
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Authors: | Charles S Tapiero |
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Institution: | 1. The Jerusalem School of Business Administration, Hebrew University, Jerusalem, Israel;2. Department of Decision Sciences, The Wharton School, University of Pennsylvania, Philadelphia, PA 19104, U.S.A. |
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Abstract: | This paper presents a stochastic diffusion model which incorporates advertising word-of-mouth effects. The model defines a 3 variate stochastic process based on explicit assumptions regarding consumer behavior and consumers' response to advertising. The model generalizes a wide variety of advertising models and in addition includes several classes of consumers, interaction effects between these consumers and, of course, a stochastic framework that may be used for assessing the risk implications of advertising policies and for empirical analyses purposes. |
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