Title of article :
On the terminal condition for the Bellman equation for dynamic optimization with an infinite horizon
Author/Authors :
Agnieszka Wiszniewska-Matyszkiel، نويسنده , , Agnieszka، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2011
Abstract :
In this work a sufficient condition for deterministic dynamic optimization with discrete time and infinite horizon is formulated. It encompasses also situations where the instantaneous payoff/utility function can attain infinite values.
ual terminal condition for sufficiency of the Bellman equation requiring that the limit superior of the value function along each admissible trajectory is equal to 0 is replaced by a weaker one in which the limit superior of the value function can attain nonpositive values.
ind of terminal condition is applicable also to deterministic dynamic optimization problems with real-valued instantaneous payoff function in which the usual terminal condition does not hold.
Keywords :
Infinite horizon , Bellman equation , Sufficient condition , Terminal condition , Discrete-time dynamic optimization
Journal title :
Applied Mathematics Letters
Journal title :
Applied Mathematics Letters