An Application of Kleene's Fixed Point Theorem to Dynamic Programming: A Note

Takashi Kamihigashi, Kevin Reffett and Masayuki Yao
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Masayuki Yao: Department of Economics, Keio University

No DP2014-24, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

Abstract: In this note, we show that the least fixed point of the Bellman operator in a certain set can be computed by value iteration whether or not the fixed point is the value function. As an application, we show one of the main results of Kamihigashi (2014, "Elementary results on solutions to the Bellman equation of dynamic programming:existence, uniqueness, and convergence," Economic Theory 56, 251-273) with a simpler proof.

Keywords: Dynamic programming; Bellman equation; Value function; Fixed point (search for similar items in EconPapers)
JEL-codes: C61 (search for similar items in EconPapers)
Pages: 9 pages
Date: 2014-05, Revised 2014-07
New Economics Papers: this item is included in nep-dge
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Citations: View citations in EconPapers (5)

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https://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/DP2014-24.pdf Revised version, 2014 (application/pdf)

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Working Paper: An Application of Kleene's Fixed Point Theorem to Dynamic Programming: A Note (2014)
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