the decrease in response to the greater advertising advantage of the wealthier half of the population. One cannot say a …

advertising to acquire new customers and thereby shift demand and increase sales. In the second, they use temporarily low markups … to do so. The marketing and advertising model fits the quantity and markup moments well, and implies that successful …

advertising to acquire new customers and thereby shift demand and increase sales. In the second, they use temporarily low markups … to do so. The marketing and advertising model fits the quantity and markup moments well, and implies that successful …

-price actions (e.g. marketing and advertising), and learn gradually about their idiosyncratic demand. The model matches quantity …