Abstract
We will call the algorithms we have developed so far first-generation algorithms. They all suffer from computational inefficiency, caused by the following two features:
-
(i)
we must choose a particular grid size with which to work throughout the algorithm; and
-
(ii)
we must start outside the region of interest.
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© 1976 Springer-Verlag Berlin Heidelberg
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Todd, M.J. (1976). Merrill’s Algorithm. In: The Computation of Fixed Points and Applications. Lecture Notes in Economics and Mathematical Systems, vol 124. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-50327-6_8
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DOI: https://doi.org/10.1007/978-3-642-50327-6_8
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