On the Optimality of Myopic Policies in Sequential Decision Problems

Yvo M. I. Dirickx and L. Peter Jennergren
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Yvo M. I. Dirickx: International Institute of Management, Berlin
L. Peter Jennergren: International Institute of Management, Berlin

Management Science, 1975, vol. 21, issue 5, 550-556

Abstract: A sufficient condition for the optimality of myopic policies is derived for a class of sequential decision problems. A necessary condition is also derived. The usefulness of the sufficient condition is illustrated in the context of a dynamic portfolio selection problem, a matched sampling problem, and a multi-item inventory model.

Date: 1975
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:21:y:1975:i:5:p:550-556

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