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Economics

Claremont Colleges

CODEE Journal

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Find, Process, And Share: An Optimal Control In The Vidale-Wolfe Marketing Model, Michael C. Barg Dec 2018

Find, Process, And Share: An Optimal Control In The Vidale-Wolfe Marketing Model, Michael C. Barg

CODEE Journal

The Vidale-Wolfe marketing model is a first-order, linear, non-homogeneous ordinary differential equation (ODE) where the forcing term is proportional to advertising expenditure. With an initial response in sales as the initial condition, the solution of the initial value problem is straightforward for a first undergraduate ODE course. The model serves as an excellent example of many relevant topics for those students whose interests lie in economics, finance, or marketing. Its inclusion in the curriculum is particularly rewarding at an institution without a physics program. The model is not new, but it was novel to us when a group of students ...