An application of Kleene's fixed point theorem to dynamic programming

Takashi Kamihigashi, Kevin Reffett, Masayuki Yao

Research output: Contribution to journalArticle

2 Citations (Scopus)

Abstract

We show that the least fixed point of the Bellman operator in a certain set can be computed by value iteration whether or not the fixed point is the value function. As an application, we give a simpler proof of one of Kamihigashi's main results.

Original languageEnglish
Pages (from-to)429-434
Number of pages6
JournalInternational Journal of Economic Theory
Volume11
Issue number4
DOIs
Publication statusPublished - 2015 Dec 1

Fingerprint

Dynamic programming
Fixed point
Fixed point theorem
Value function
Operator

Keywords

  • Bellman equation
  • Dynamic programming
  • Fixed point
  • Value function

ASJC Scopus subject areas

  • Economics and Econometrics

Cite this

An application of Kleene's fixed point theorem to dynamic programming. / Kamihigashi, Takashi; Reffett, Kevin; Yao, Masayuki.

In: International Journal of Economic Theory, Vol. 11, No. 4, 01.12.2015, p. 429-434.

Research output: Contribution to journalArticle

Kamihigashi, Takashi ; Reffett, Kevin ; Yao, Masayuki. / An application of Kleene's fixed point theorem to dynamic programming. In: International Journal of Economic Theory. 2015 ; Vol. 11, No. 4. pp. 429-434.
@article{402956f0e05d486fb046778d326f75c9,
title = "An application of Kleene's fixed point theorem to dynamic programming",
abstract = "We show that the least fixed point of the Bellman operator in a certain set can be computed by value iteration whether or not the fixed point is the value function. As an application, we give a simpler proof of one of Kamihigashi's main results.",
keywords = "Bellman equation, Dynamic programming, Fixed point, Value function",
author = "Takashi Kamihigashi and Kevin Reffett and Masayuki Yao",
year = "2015",
month = "12",
day = "1",
doi = "10.1111/ijet.12074",
language = "English",
volume = "11",
pages = "429--434",
journal = "International Journal of Economic Theory",
issn = "1742-7355",
publisher = "Wiley-Blackwell",
number = "4",

}

TY - JOUR

T1 - An application of Kleene's fixed point theorem to dynamic programming

AU - Kamihigashi, Takashi

AU - Reffett, Kevin

AU - Yao, Masayuki

PY - 2015/12/1

Y1 - 2015/12/1

N2 - We show that the least fixed point of the Bellman operator in a certain set can be computed by value iteration whether or not the fixed point is the value function. As an application, we give a simpler proof of one of Kamihigashi's main results.

AB - We show that the least fixed point of the Bellman operator in a certain set can be computed by value iteration whether or not the fixed point is the value function. As an application, we give a simpler proof of one of Kamihigashi's main results.

KW - Bellman equation

KW - Dynamic programming

KW - Fixed point

KW - Value function

UR - http://www.scopus.com/inward/record.url?scp=84944591842&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84944591842&partnerID=8YFLogxK

U2 - 10.1111/ijet.12074

DO - 10.1111/ijet.12074

M3 - Article

AN - SCOPUS:84944591842

VL - 11

SP - 429

EP - 434

JO - International Journal of Economic Theory

JF - International Journal of Economic Theory

SN - 1742-7355

IS - 4

ER -