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- W2082892170 abstract "We present partial results showing that risk-sensitive oligopolists would spend less on advertising than would their risk-neutral counterparts. The model is an infinite-horizon stochastic game in which each firm's “goodwill” is a random function of both its own and its competitors' current and past advertising expenditures. Single-period firm profits have a market share attraction form. Each firm seeks to maximize its expected exponential utility of the sum of discounted profits. We analyze the impact that risk sensitivity and other parameters have on equilibrium advertising strategies by exploiting the special structure of the stochastic game model.Journal of Economic LiteratureClassification Number: C73." @default.
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- W2082892170 date "1997-08-01" @default.
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- W2082892170 title "Risk-Sensitive Dynamic Market Share Attraction Games" @default.
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- W2082892170 doi "https://doi.org/10.1006/game.1997.0568" @default.
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