Title :
Optimum supply control of a monopolist in a dynamic market
Author :
Simaan, M. ; Takayama, T.
Author_Institution :
Shell Development Company, Houstan, Texas
Abstract :
In this paper, we develop a model for a monopolist in a dynamic market who tries to maximize his overall profits over a certain planning horizon. Conditions for his optimal supply curve for both finite and infinite horizon problems are obtained and some interesting properties of the optimal paths are discussed. A special (linear-quadratic) case is then treated and explicit characterizations of the optimal supply curve and the market price-supply behaviors are obtained.
Keywords :
Consumer electronics; Cost function; Differential equations; Environmental economics; Infinite horizon; Mathematical model; Microeconomics; Monopoly; Optimal control; Production;
Conference_Titel :
Decision and Control including the 13th Symposium on Adaptive Processes, 1974 IEEE Conference on
Conference_Location :
Phoenix, AZ, USA
DOI :
10.1109/CDC.1974.270465
