Abstract
As was already mentioned in §3.4 (Remark 3.4.1), the motivation to study discounted cost problems is mainly economic. In that section, we considered finite-horizon problems, but for many purposes it is convenient to introduce the fiction that the optimization horizon is infinite. Certainly, for instance, processes of capital accumulation for an economy, or some problems on inventory or portfolio management, do not necessarily have a natural stopping time in the definable future.
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© 1996 Springer Science+Business Media New York
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Hernández-Lerma, O., Lasserre, J.B. (1996). Infinite-Horizon Discounted-Cost Problems. In: Discrete-Time Markov Control Processes. Applications of Mathematics, vol 30. Springer, New York, NY. https://doi.org/10.1007/978-1-4612-0729-0_4
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DOI: https://doi.org/10.1007/978-1-4612-0729-0_4
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