Stochastic Equilibrium and Optimality with Rolling Plans

DOI10.2307/2526137MaRDI QIDQ3958234zbMATH OpenOpenAlexFDO

Authors Daniel F. Spulber, David A. Easley

Publication date 1981

Published in International Economic Review (Search for Journal in Brave)

Full work available at URL http://www.kellogg.northwestern.edu/research/math/papers/354.pdf

zbMATH Keywords

convergenceexistenceuniquenesseconomic growthinfinite horizonstochastic equilibriumapproximate optimalitydiscounted rewardstationary Markov decision modeldiscrete time stochastic dynamic programmingmacroplanningoptimality of rolling plansstationary optimal plan

Mathematics Subject Classification ID

Applications of mathematical programming (90C90) Dynamic programming (90C39) Markov and semi-Markov decision processes (90C40) Economic growth models (91B62)

Cited in

(6)

• Stochastic dynamic models with stock-dependent rewards
• A turnpike theorem for rolling plans
• Receding horizon control of jump linear systems and a macroeconomic policy problem
• Characterization of optimal plans for stochastic dynamic programs
• Resource prices and planning horizons
• Emissions trading with rolling horizons

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