We examine customer acquisition under budget constraints. Marketers often compare customer lifetime value (CLV) with acquisition spending to project returns but such simple marketing return on investment (SMROI) metrics are biased wherever retention spending occurs. Omitting retention...

As economists have increasingly accepted the notion that non-equilibrium behavior may be a reflection of the real world, interest has grown in modeling the emergence of turbulence as well as equilibrium. Earlier work by two of the authors used simulation to conduct a non-equilibrium analysis of...

As economists have increasingly accepted the notion that non-equilibrium behavior may be a reflection of the "real world," interest has grown in modeling the emergence of turbulence as well as equilibrium. It is well established that competitive actions and the associated reactions can...