Economic Theory

, Volume 66, Issue 3, pp 787–817 | Cite as

On temporal aggregators and dynamic programming

  • Philippe BichEmail author
  • Jean-Pierre Drugeon
  • Lisa Morhaim
Research Article


This paper proposes dynamic programming tools for payoffs based on aggregating functions that depend on the current action and the future expected payoff. Some regularity properties are provided on the aggregator to establish existence, uniqueness and computation of the solution to the Bellman equation. Our setting allows to encompass and generalize many previous results based upon additive or non-additive payoff functions.


Dynamic programming Temporal aggregators Intertemporal choice 

JEL Classification

C61 D90 


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Copyright information

© Springer-Verlag Berlin Heidelberg 2017

Authors and Affiliations

  1. 1.Paris School of EconomicsUniversity of Paris 1 Panthéon-SorbonneParisFrance
  2. 2.Paris School of EconomicsCentre National de la Recherche ScientifiqueParisFrance
  3. 3.CRED Paris Center for Law and EconomicsUniversity of Paris 2 Panthéon-AssasParisFrance

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