On Aggregators and Dynamic Programming

Philippe Bich (), Jean-Pierre Drugeon () and Lisa Morhaim ()
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Philippe Bich: Paris School of Economics - Centre d'Economie de la Sorbonne, https://centredeconomiesorbonne.univ-paris1.fr
Jean-Pierre Drugeon: Paris School of Economics, https://www.parisschoolofeconomics.eu/
Lisa Morhaim: Université Paris 2 Panthéon-Assas - Centre de recherche en économie et droit (CRED)

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

Abstract: In the tradition of Irving Fisher, the current article advocates an approach to dynamic programming that is based upon elementary aggregating functions where current action and future expected payoff combine to yield overall current payoff. Some regularity properties are provided on the aggregator which allow for establishing the existence, the uniqueness and the computation of the Bellman equation. Some order-theoretic foundations for such aggregators are also established. The aggregator line of argument encompasses and generalizes many previous results based upon additive or non-additive recursive payoff functions

Keywords: Dynamic Programming; Aggregators; Intertemporal Choice (search for similar items in EconPapers)
JEL-codes: C61 D90 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2015-06
New Economics Papers: this item is included in nep-dge
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Persistent link: https://EconPapers.repec.org/RePEc:mse:cesdoc:15053

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