A note on the vanishing interest rate approach in average Markov decision chains with continuous and bounded costs

DOI10.1016/0167-6911(94)00042-TzbMATH Open0877.93137OpenAlexW2070879018MaRDI QIDQ673449FDOQ673449

Rolando Cavazos-Cadena

Publication date: 28 February 1997

Published in: Systems \& Control Letters (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/0167-6911(94)00042-t

zbMATH Keywords

Markov decision chainsAverage optimal stationary policiesNecessary and sufficient conditions for application of the VIR methodVanishing discount effect methodVanishing interest rate approach

Mathematics Subject Classification ID

Optimal stochastic control (93E20)

Cites Work

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• On the compactness method in general ergodic impulsive control of markov processes
• On Minimum Cost Per Unit Time Control of Markov Chains
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• Non-Discounted Denumerable Markovian Decision Models
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Cited In (3)

• Application of average dynamic programming to inventory systems
• Approximation of average cost optimal policies for general Markov decision processes with unbounded costs
• Another set of conditions for average optimality in Markov control processes

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