A Rapid Grid Search Method for Solving Dynamic Programming Problems in Economics

Hui He () and Hao Zhang ()
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Hao Zhang: School of Labor and Human Resources, Renmin University of China, Beijing 100872, China

Frontiers of Economics in China-Selected Publications from Chinese Universities, 2013, vol. 8, issue 2, 260-271

Abstract: We introduce a rapid grid search method in solving dynamic programming problems in economics. Compared to mainstream grid search methods, by using local information of the Bellman equation, this method can significantly increase the efficiency in solving dynamic programming problems by reducing the grid points searched in the control space.

Keywords: dynamic programming; Bellman equation; grid search; concavity; searching efficiency (search for similar items in EconPapers)
JEL-codes: C02 E13 E27 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:fec:journl:v:8:y:2013:i:2:p:260-271

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