Abstract
Definition of an admissible sequence. Boundedness conditions. M and N are given numbers. The total utility obtained from period s and onwards, given that the state vector is x at t = s. The value function of problem (17.8). Properties of the value function, assuming that at least one of the boundedness conditions in (17.10) is satisfied.
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References
See Bellman (1957), Stokey, Lucas, and Prescott (1989), and Sydsæter et al. (2005).
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© 2010 Springer-Verlag Berlin Heidelberg
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Sydsæter, K., Strøm, A., Berck, P. (2010). Discrete dynamic optimization. In: Economists’ Mathematical Manual. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-28518-2_17
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DOI: https://doi.org/10.1007/978-3-540-28518-2_17
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-26088-2
Online ISBN: 978-3-540-28518-2
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