Parameters

Optimal Customer lifetime values /thous. MNT/

( ρ = 0.11 , m 0 = 31.6 , U ¯ = 32.1 )

T = 5

T = 10

T = 15

α * = 0.003 , δ * = 0.001

370.29

317.88

289.97

α = 0.04 , δ = 0.02

238.39

227.32

221.27

α = 0.04 , δ = 0.01

241.98

237.62

235.10

α = 0.06 , δ = 0.02

134.86

172.65

192.37

α = 0.06 , δ = 0.01

104.53

161.89

193.37