Maximum principles applied to a model of
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Josa A. Soeiro Ferreira
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Article
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1990
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John Wiley and Sons
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English
β 765 KB
This paper presents an application of the maximum principle and the generalized maximum principle (a recent extension of that principle) to a discrete-time model of consumer choice behaviour. The model includes two brands in a market and uses a non-stationary first-order Markov chain. The optimizati