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Optimal pricing in a diffusion model with concave price-dependent market potential
Authors:Gustav Feichtinger
Institution:Institute for Econometrics and Operations Research, University of Technology Vienna, Argentinierstrasse 8, A-1040 Vienna, Austria
Abstract:Using optimal control theory, a diffusion model of new product acceptance is studied. We consider a profit-maximizing firm faced with the problem of determining its optimal pricing policy under the assumption that the total market potential is a concave decreasing function of price. For an infinite planning horizon it is shown by phase portrait analysis that the optimal price is steadily increasing and converging to a saddle point equilibrium.
Keywords:Marketing-pricing  new products  optimal control theory  saddle point analysis  diffusion model
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