In some real-life intertemporal decision problems, which include a country's central-bank interest-rate determination problem, optimisation might be an unsuitable solution procedure in that it suggests a unique ``optimal'' solution for problems where many solutions could be "satisficing". This...

A portfolio management problem is approximated through a Markov decision chain. The weak Euler scheme is applied to discretise the time evolution of a portfolio and an inverse distance method is used to describe the transition probabilities. The approximating Markov decision problem is solved by...