Parametric continuity in dynamic programming problems

DOI10.1016/0165-1889(94)90048-5MaRDI QIDQ5906649zbMATH OpenOpenAlexFDO

Authors P. Dutta, Mukul Majumdar, Rangarajan K. Sundaram

Publication date 11 January 1995

Published in Journal of Economic Dynamics and Control (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/0165-1889(94)90048-5

zbMATH Keywords

aggregate growth modelsbandit problemscost of adjustment modelsparametric dynamic programming

Mathematics Subject Classification ID

Dynamic programming in optimal control and differential games (49L20) Economic growth models (91B62)

Review text

This paper derives conditions under which the solutions to parametric dynamic programming problems are continuous in the parameters. The results are summarized in Theorems 1 and 2, which state that parametric continuity holds if the reward (r), actions (a) and the law of motions (q) correspondences are all jointly continuous in the respective domains, or if they are continuous in the states for any given parameters. The usefulness of these results is shown in Section 7 of the paper with illustrative examples in the bandit problems, aggregate growth models, and the cost of adjustment models.

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Cited in

(5)

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• scientific article; zbMATH DE number 3902414 (Why is no real title available?)
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