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Some Applications of Competitive Prices to Dynamic Programming Problems Under Uncertainty
[Technical Report, Research Report]
CALIFORNIA UNIV BERKELEY
Pagination or Media Count:
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.
[A, Approved For Public Release]