Accession Number:

AD0759045

Title:

Some Applications of Competitive Prices to Dynamic Programming Problems Under Uncertainty

Descriptive Note:

[Technical Report, Research Report]

Corporate Author:

CALIFORNIA UNIV BERKELEY

Personal Author(s):

• Schechtman, Jack

Report Date:

1973-03-01

Pagination or Media Count:

69

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 tc 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.

Descriptors:

Subject Categories:

• Economics and Cost Analysis
• Operations Research

Distribution Statement:

[A, Approved For Public Release]