In addition to other methods we’ve discussed, a third type of variable spending model uses dynamic programming methods. These methods rely on complex computing power and mathematical equations to ...

The curse of dimensionality gives rise to prohibitive computational requirements that render infeasible the exact solution of large-scale stochastic control problems. We study an efficient method ...

Mathematics of Operations Research, Vol. 4, No. 1 (Feb., 1979), pp. 60-69 (10 pages) The policy iteration method of dynamic programming is studied in an abstract setting. It is shown to be equivalent ...