Optimal Advertising-Expenditure Implications of a Simultaneous-Equation Regression Analysis

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Abstract
This paper builds upon an empirical study of advertising and sales relations by developing a simultaneous-equation regression model, testing it against aggregative time-series data, and exploring the resulting managerial implications. Since the statistical model is dynamic, the optimization plan is multi-period in character. The implied optimal strategy is compared with the strategy used by an actual firm.

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