Skip to main content
SpringerLink
Log in
Book cover

Dynamic Programming of Economic Decisions

  • Textbook
  • © 1968

Overview

Authors:
  1. Martin J. Beckmann

    1. Institut für Ökonometrie und Unternehmensforschung, Universität Bonn, Germany
      Brown University, Providence, USA

    View author publications

    You can also search for this author in PubMed   Google Scholar

Part of the book series: Ökonometrie und Unternehmensforschung Econometrics and Operations Research (ÖKONOMETRIE, volume 9)

This is a preview of subscription content, log in via an institution to check access.

Access this book

Log in via an institution
eBook USD 39.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book USD 54.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Other ways to access

Licence this eBook for your library

Institutional subscriptions

Table of contents (4 chapters)

  1. Front Matter

    Pages I-XII
    Download chapter PDF

  2. Finite Alternatives

    • Martin J. Beckmann
    Pages 1-36

  3. Risk

    • Martin J. Beckmann
    Pages 37-84

  4. Continuous Decision Variable

    • Martin J. Beckmann
    Pages 85-106

  5. Decision Processes in Continuous Time

    • Martin J. Beckmann
    Pages 107-135

  6. Back Matter

    Pages 136-144
    Download chapter PDF
Back to top

Keywords

About this book

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.

Authors and Affiliations

  • Institut für Ökonometrie und Unternehmensforschung, Universität Bonn, Germany

    Martin J. Beckmann

  • Brown University, Providence, USA

    Martin J. Beckmann

Bibliographic Information

Publish with us

Policies and ethics

Back to top

Search

Navigation