Paarsch, Harry J.; Rust, John - In: Journal of Economic Dynamics and Control 33 (2009) 3, pp. 614-623
In many dynamic programming problems, a mix of state variables exists - some exhibiting stochastic cycles and others having deterministic cycles. We derive a formula for the value function in infinite-horizon, stationary, Markovian decision problems by exploiting a special partitioned-circulant...