Encyclopedia of Operations Research and Management Science

2013 Edition
| Editors: Saul I. Gass, Michael C. Fu

Optimal Value Function

Reference work entry
DOI: https://doi.org/10.1007/978-1-4419-1153-7_200552

The optimal value of a mathematical programming problem as a function of problem parameters, such as objective function coefficients. Also the name given to the function satisfying the Bellman optimality equation in a Markov decision process or dynamic program, especially in a revenue/profit maximization problem; otherwise sometimes known as the optimal cost-to-go function for a cost minimization problem.

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© Springer Science+Business Media New York 2013