Bellman Equation

Yongseok Shin

doi:10.1057/978-1-349-95189-5_2392

Bellman Equation

Yongseok Shin

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

Abstract

Dynamic programming is a method that solves a complicated multi-stage decision problem by first transforming it into a sequence of simpler problems. Bellman equations, named after the creator of dynamic programming Richard E. Bellman (1920-1984), are functional equations that embody this transformation.

Original language	English
Title of host publication	The New Palgrave Dictionary of Economics, Third Edition
Publisher	Palgrave Macmillan
Pages	887-890
Number of pages	4
ISBN (Electronic)	9781349951895
ISBN (Print)	9781349951888
DOIs	https://doi.org/10.1057/978-1-349-95189-5_2392
State	Published - Jan 1 2018

Keywords

Bellman equation
Consumption smoothing
Convergence
Dynamic programming
Markov processes
Neoclassical growth theory
Value function

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10.1057/978-1-349-95189-5_2392

Cite this

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KW - Markov processes

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Bellman Equation

Abstract

Keywords

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