Technical Note—An Adjustment to the Norman-White Approach to Approximating Dynamic Programs

DOI10.1287/OPRE.27.6.1203MaRDI QIDQ3885532zbMATH OpenOpenAlexFDO

Authors Evan L. Porteus

Publication date 1979

Published in Operations Research (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1287/opre.27.6.1203

zbMATH Keywords

approximation of dynamic programsapproximation of the transition mechanismexpectationsNorman-White approachpolicy improvement stepstochastic dynamic problems

Mathematics Subject Classification ID

Inventory, storage, reservoirs (90B05) Stochastic programming (90C15) Dynamic programming (90C39)

Cited in

(4)

• Optimal scheduling of income tax prepayments under stochastic incomes
• Bounds for the approximation of dynamic programs
• A simple heuristic for computing non-stationary inventory policies based on function approximation
• Production planning with discounting and stochastic demands

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