An abstract topological approach to dynamic programming
The author uses \textit{T. C. Koopmans}' [Econometrica 28, 287--309 (1960; Zbl 0149.38401)] recursive utility framework with a utility function \(U\) defined over the space of action streams \(A^ \infty\equiv \{_t a= (a_t, a_{t+1},\ldots): a_t\in A\}\) (\(A\) denotes the action space). Then he defines a production correspondence \(T: A\to A\) and an initial action \(\overline a_0\in A\), \(T^s\) denotes the composition of \(T\) with itself \(s\) times. The key assumption is biconvergence (upper and lower convergence) of the utility function \(U\) over \(X^\infty_{s= 1} T^s(\overline a_0)\); this property is invariant under all continuous monotonic transformations of \(U\). The paper deals with a model of dynamic programming in order to maximize the utility function subject to the feasibility constraints specified by \(T\) and \(\overline a_ 0\). In the analysis of the model, Bellman's principle of optimality is used and the true value function is calculated as the limit of successive approximations. The author also proves an asymptotic sufficient condition for biconvergence which is more easily tested and more general than the Lipschitz condition. The author believes that this approach can be very useful, especially for economic applications, because it is intuitive and easy.
- Stationary Recursive Utility and Dynamic Programming under the Assumption of Biconvergence
- Elementary results on solutions to the Bellman equation of dynamic programming: existence, uniqueness, and convergence
- Dynamic programming with value convexity
- Generalizations and applications of a class of dynamic programming problems
- Asymptotic properties in dynamic programming
- A lattice-theoretical fixpoint theorem and its applications
- A simple dynamic general equilibrium model
- Axioms and Examples Related to Ordinal Dynamic Programming
- Contraction Mappings in the Theory Underlying Dynamic Programming
- Decision Problems with Expected Utility Critera, I: Upper and Lower Convergent Utility
- Discounted Dynamic Programming
- Dynamic equilibria with unemployment due to undernourishment
- scientific article; zbMATH DE number 3112450 (Why is no real title available?)
- scientific article; zbMATH DE number 3130574 (Why is no real title available?)
- scientific article; zbMATH DE number 3547015 (Why is no real title available?)
- scientific article; zbMATH DE number 3186512 (Why is no real title available?)
- Markov-perfect equilibria in intergenerational games with consistent preferences
- Optimal growth and Pareto optimality
- Optimal growth with many consumers
- Ordinal Dynamic Programming
- Projection methods for solving aggregate growth models
- Recursive utility and the Ramsey problem
- Stationary Ordinal Utility and Impatience
- Stationary Recursive Utility and Dynamic Programming under the Assumption of Biconvergence
- Stationary Utility and Time Perspective
- The dynamics of efficient intertemporal allocations with many agents, recursive preferences, and production
- The Global Stability of Efficient Intertemporal Allocations
- Dynamic equilibria with unemployment due to undernourishment
- Dynamic programming solution of incentive constrained problems
- Convex dynamic programming with (bounded) recursive utility
- A general theory of separability for preferences defined on a countably infinite product space
- On temporal aggregators and dynamic programming
- On maximin dynamic programming and the rate of discount
- Dynamic programming for non-additive stochastic objectives
- A CORRESPONDENCE-THEORETIC APPROACH TO DYNAMIC OPTIMIZATION
- scientific article; zbMATH DE number 6931762 (Why is no real title available?)
- Incomplete market dynamics and cross-sectional distributions
- Markov-perfect equilibria in intergenerational games with consistent preferences
- Optimal growth models with bounded or unbounded returns: A unifying approach
This page was built for publication: An abstract topological approach to dynamic programming
Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q1184843)
