View Item 

Show simple item record

Characterization of optimal plans for stochastic dynamic programs
dc.contributor.authorBlume, Lawrence E.en_US
dc.contributor.authorEasley, Daviden_US
dc.contributor.authorO'Hara, Maureenen_US
dc.date.accessioned2006-04-07T17:45:27Z
dc.date.available2006-04-07T17:45:27Z
dc.date.issued1982-12en_US
dc.identifier.citationBlume, Lawrence, Easley, David, O'Hara, Maureen (1982/12)."Characterization of optimal plans for stochastic dynamic programs." Journal of Economic Theory 28(2): 221-234. <http://hdl.handle.net/2027.42/23779>en_US
dc.identifier.urihttp://www.sciencedirect.com/science/article/B6WJ3-4CYH5JF-BS/2/c6fbebbff4a652ed0955f3a4dce67e14en_US
dc.identifier.urihttps://hdl.handle.net/2027.42/23779
dc.description.abstractThis paper provides general techniques for the characterization of optimal plans resulting from stochastic dynamic programming. We show that under standard assumptions the optimal plans in both finite and infinite horizon problems can be obtained by an application of the Implicit Function Theorem to first order conditions. Further, we show that under certain checkable conditions, optimal plans and value functions are p-times differentiable for any integer p [ges] 0. Finally, we apply our technique to obtain a Cp plan and value function in a one sector infinite horizon growth problem under uncertainty.en_US
dc.format.extent735604 bytes
dc.format.extent3118 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypetext/plain
dc.language.isoen_US
dc.publisherElsevieren_US
dc.titleCharacterization of optimal plans for stochastic dynamic programsen_US
dc.typeArticleen_US
dc.rights.robotsIndexNoFollowen_US
dc.subject.hlbsecondlevelEconomicsen_US
dc.subject.hlbtoplevelBusinessen_US
dc.description.peerreviewedPeer Revieweden_US
dc.contributor.affiliationumDepartment of Economics, University of Michigan, Ann Arbor, Michigan 48109, USAen_US
dc.contributor.affiliationotherDepartment of Economics, Cornell University, Ithaca, New York 14853, USAen_US
dc.contributor.affiliationotherGraduate School of Business and Public Administration, Cornell University, Ithaca, New York 14853, USAen_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/23779/1/0000017.pdfen_US
dc.identifier.doihttp://dx.doi.org/10.1016/0022-0531(82)90059-Xen_US
dc.identifier.sourceJournal of Economic Theoryen_US
dc.owningcollnameInterdisciplinary and Peer-Reviewed


Files in this item

Name:
0000017.pdf
Size:
718.3KB
Format:
PDF
View/Open

Show simple item record

Remediation of Harmful Language

The University of Michigan Library aims to describe library materials in a way that respects the people and communities who create, use, and are represented in our collections. Report harmful or offensive language in catalog records, finding aids, or elsewhere in our collections anonymously through our metadata feedback form. More information at Remediation of Harmful Language.

Accessibility

If you are unable to use this file in its current format, please select the Contact Us link and we can modify it to make it more accessible to you.