An optimal control student problem and a marketing counterpart. (English) Zbl 0874.49004
Summary: We tackle the problem of an economous and ambitious student with variable and bounded final time. We answer the questions of existence and uniqueness of the optimal solution positively and obtain that solution explicitly. Furthermore, we suggest a marketing interpretation of a slightly modified problem: determining an optimal advertising policy for a new product.
MSC:
| 49J15 | Existence theories for optimal control problems involving ordinary differential equations |
| 91B26 | Auctions, bargaining, bidding and selling, and other market models |
Keywords:
optimal control student problem; goodwill; existence and uniqueness of the optimal solution; marketing; optimal advertising policyReferences:
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