Accession Number : AD0759045

Title :   Some Applications of Competitive Prices to Dynamic Programming Problems under Uncertainty,

Corporate Author : CALIFORNIA UNIV BERKELEY OPERATIONS RESEARCH CENTER

Personal Author(s) : Schechtman,Jack

Report Date : MAR 1973

Pagination or Media Count : 68

Abstract : The author is concerned with a one-good economy. The good can be used at any period of time for production or consumption. If x units are put into production in period t then (f sup t) (x; (omega sup t)) units become available as outputs in period t + 1 ; where (omega sup t) is a random variable with known distribution. If c units are consumed in period t this produces (u sup t)(c) units of satisfaction or utility to the society in that period. The main interest is the study of qualitative properties of optimal solutions for a problem in which we maximize the total expected utility accumulated in t periods. (Author Modified Abstract)

Descriptors :   (*ECONOMICS, *DYNAMIC PROGRAMMING), COSTS, UNCERTAINTY, STOCHASTIC PROCESSES, PRODUCTION, RANDOM VARIABLES, CONSUMPTION, MATHEMATICAL MODELS, THEOREMS, THESES

Subject Categories : Economics and Cost Analysis
      Operations Research

Distribution Statement : APPROVED FOR PUBLIC RELEASE