This paper presents a review of recent developments that have taken place in the area of dynamic optimal control models in advertising subsequent to the comprehensive survey of the literature by Sethi in 1977. The basic problem underlying these models is that of determining optimal advertising...

The speed with which an organization takes action against unplanned failure and scrapping of its capital equipment is used as a measure of organizational nimbleness. Operational decisions at the plant level are studied in the setting of the optimal control model of Kamien and Schwarz for...

We develop a general methodology for a partially observed stochastic control problem. The dynamics is governed by a discrete-time Markov process. We describe an application to an inventory system with possibility of shrinkage, and introduce unnormalized conditional probabilities to transform the...