Abstract:OverviewMany scientifically relevant problems share two salient features. First, they are dynamic; second, they involve uncertainty. Hence, it is natural that researchers would be concerned with the study of events taking place in stochastic dynamic settings. In these settings, the decision-maker will typically want to select optimal paths for an array of control variables in order to maximize or minimize the current value of a sequence of future expected outcomes. In this article, we defend the argument that … Show more
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