Abstract
AbstractA sales response to advertising for the Florida citrus industry is estimated and used to explore optimal levels of advertising. Results of an optimal control model show the gains that can be realized through inter‐ and intraseasonal changes in the level of advertising expenditures. These gains are generated by using imputed prices that take into account future gains of current advertising. An optimal path of adjustment in both advertising and sales over time is obtained which provides signals for an effective advertising policy.
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