In addition to other methods we’ve discussed, a third type of variable spending model uses dynamic programming methods. These methods rely on complex computing power and mathematical equations to ...

In this paper we investigate the computation of optimal policies in constrained discrete stochastic dynamic programming with the average reward as utility function. The state-space and action-sets are ...

Dynamic programming is used to solve some simple gambling models. In particular we consider the situation where an individual may bet any integral amount not greater than his fortune and he will win ...