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Persistent link: https://www.econbiz.de/10005107107
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...
Persistent link: https://www.econbiz.de/10005160877