A sufficient condition for the optimality of myopic policies is derived for a class of sequential decision problems. A necessary condition is also derived. The usefulness of the sufficient condition is illustrated in the context of a dynamic portfolio selection problem, a matched sampling...

This paper extends the Bierman-Hausman credit-granting model by proving that although the distribution on the probability of collection in the case of failure is no longer a conjugate Beta, it remains tractable; the model therefore need no longer be terminated in the case of failure. Further...

The simplex method is specialized for a special class of networks with gains arising in discounted deterministic Markov decision models.

The paper considers the deterministic dynamic programming model with discount factor greater than one. Possible applications are discussed. After the introduction of a suitable optimization criterion, it is shown that stationary policies are not necessarily optimal and that optimal finite...