Some Applications of Competitive Prices to Dynamic Programming Problems Under Uncertainty
Abstract
The author is concerned with a one-good economy. The good can be used at any period of time for production or consumption. If x units are put into production in period t then (f sup t) (x; (omega sup t)) units become available as outputs in period t + 1 ; where (omega sup t) is a random variable with known distribution. If c units are consumed in period t this produces (u sup t)(c) units of satisfaction or utility to the society in that period. The main interest is the study of qualitative properties of optimal solutions for a problem in which we maximize the total expected utility accumulated in t periods.
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 01, 1973
- Accession Number
- AD0759045
Entities
People
- Jack Schechtman
Organizations
- University of California, Berkeley