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© 1968

Dynamic Programming of Economic Decisions

Textbook

Part of the Ökonometrie und Unternehmensforschung book series (ÖKONOMETRIE, volume 9)

Table of contents

  1. Front Matter
    Pages I-XII
  2. Martin J. Beckmann
    Pages 1-36
  3. Martin J. Beckmann
    Pages 37-84
  4. Martin J. Beckmann
    Pages 85-106
  5. Martin J. Beckmann
    Pages 107-135
  6. Back Matter
    Pages 136-144

About this book

Introduction

Dynamic Programming is the analysis of multistage decision in the sequential mode. It is now widely recognized as a tool of great versatility and power, and is applied to an increasing extent in all phases of economic analysis, operations research, technology, and also in mathematical theory itself. In economics and operations research its impact may someday rival that of linear programming. The importance of this field is made apparent through a growing number of publications. Foremost among these is the pioneering work of Bellman. It was he who originated the basic ideas, formulated the principle of optimality, recognized its power, coined the terminology, and developed many of the present applications. Since then mathe­ maticians, statisticians, operations researchers, and economists have come in, laying more rigorous foundations [KARLIN, BLACKWELL], and developing in depth such application as to the control of stochastic processes [HoWARD, JEWELL]. The field of inventory control has almost split off as an independent branch of Dynamic Programming on which a great deal of effort has been expended [ARRoW, KARLIN, SCARF], [WIDTIN] , [WAGNER]. Dynamic Programming is also playing an in­ creasing role in modem mathematical control theory [BELLMAN, Adap­ tive Control Processes (1961)]. Some of the most exciting work is going on in adaptive programming which is closely related to sequential statistical analysis, particularly in its Bayesian form. In this monograph the reader is introduced to the basic ideas of Dynamic Programming.

Keywords

Decisions Economic Decisions Entscheidung (Wirtsch.) Planungsrechnung Programming control theory linear optimization operations research

Authors and affiliations

  1. 1.Institut für Ökonometrie und UnternehmensforschungUniversität BonnGermany
  2. 2.Brown UniversityProvidenceUSA

Bibliographic information

  • Book Title Dynamic Programming of Economic Decisions
  • Authors Martin F. Bach
  • Series Title Ökonometrie und Unternehmensforschung
  • DOI https://doi.org/10.1007/978-3-642-86449-0
  • Copyright Information Springer-Verlag Berlin Heidelberg 1968
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Springer Book Archive
  • Hardcover ISBN 978-3-540-04292-1
  • Softcover ISBN 978-3-642-86451-3
  • eBook ISBN 978-3-642-86449-0
  • Series ISSN 0078-3390
  • Edition Number 1
  • Number of Pages XII, 144
  • Number of Illustrations 0 b/w illustrations, 0 illustrations in colour
  • Topics Econometrics
  • Buy this book on publisher's site
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