A Steady-State Version of a Dynamic Optimal Budgeting Problem
GEORGE WASHINGTON UNIV WASHINGTON DC INST FOR MANAGEMENT SCIENCE AND ENGINEERING
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We present and justify a steady-state version of a dynamic optimal budgeting problem arising in the Resource Dynamics project. The steady-state model is first reduced to closed form, and then it is analyzed for each of two choices of objective function. Optimal solutions can be found numerically, and are presented for current values of the input data. The numerical results obtained closely approximate those from a piecewise linear approximation to the dynamic version of the problem.
- Administration and Management
- Numerical Mathematics