BOTTLENECK PROBLEMS, FUNCTIONAL EQUATIONS AND DYNAMIC PROGRAMMING
RAND CORP SANTA MONICA CA
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A bottleneck problem in the sense that the level of economic activity will be determined by the resource in shortest supply is discussed. A typical problem of the bottleneck type involving the auto industry, the steel industry and the tool industry is presented. The problem is formulated mathematically employing a discrete approximation. After a short discussion of the difficulties of this approach, a continuous approximation is advanced. Finally, the functional equation approach is applied to the theory of dynamic programming.
- Operations Research