Necessary and Sufficient Conditions for a Solution of the Bellman Equation to be the Value Function: A General Principle

Takashi Kamihigashi and Cuong Le van

Documents de travail du Centre d'Economie de la Sorbonne from Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne

Abstract: In this paper, we give Necessary and Sufficient Conditions for a Solution of the Belman Equation to be the Value Function. This result is a general principle. It requires no structure beyond the common framework of discrete-time stationary optimization problems with time-additive returns. In particular, the state space X is an arbitrary set

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: 24 pages
Date: 2015-01
New Economics Papers: this item is included in nep-mic
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ftp://mse.univ-paris1.fr/pub/mse/CES2015/15007.pdf (application/pdf)

Related works:
Working Paper: Necessary and Sufficient Conditions for a Solution of the Bellman Equation to be the Value Function: A General Principle (2015)
Working Paper: Necessary and Sufficient Conditions for a Solution of the Bellman Equation to be the Value Function: A General Principle (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:mse:cesdoc:15007

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