Some Applications of Competitive Prices to Dynamic Programming Problems under Uncertainty

Some Applications of Competitive Prices to Dynamic Programming Problems under Uncertainty

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 wit...

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Bibliographische Detailangaben
1. Verfasser: Schechtman,Jack
Format: Report
Sprache:eng
Schlagworte:
COMPETITION
CONSUMPTION
COSTS
DYNAMIC PROGRAMMING
ECONOMICS
Economics and Cost Analysis
MATHEMATICAL MODELS
Operations Research
PRICES
PRODUCTION
RANDOM VARIABLES
STOCHASTIC PROCESSES
THEOREMS
THESES
UNCERTAINTY
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Beschreibung
Zusammenfassung: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. (Author Modified Abstract)