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Dynamic programming is both a mathematical optimization method and an algorithmic paradigm. The method was developed by Richard Bellman in the 1950s and has found ...
The dynamic programming approach describes the optimal plan by finding a rule that tells what the controls should be, given any possible value of the state. For example, if consumption ( c ) depends only on wealth ( W ), we would seek a rule c ( W ) {\displaystyle c(W)} that gives consumption as a function of wealth.
Dynamic languages provide flexibility. This allows developers to write more adaptable and concise code. For instance, in a dynamic language, a variable can start as an integer. It can later be reassigned to hold a string without explicit type declarations. This feature of dynamic typing enables more fluid and less restrictive coding.
Markov decision process (MDP), also called a stochastic dynamic program or stochastic control problem, is a model for sequential decision making when outcomes are uncertain. [ 1 ] Originating from operations research in the 1950s, [ 2 ] [ 3 ] MDPs have since gained recognition in a variety of fields, including ecology , economics , healthcare ...
Stochastic dynamic programming deals with problems in which the current period reward and/or the next period state are random, i.e. with multi-stage stochastic systems. The decision maker's goal is to maximise expected (discounted) reward over a given planning horizon.
In the application of dynamic programming to mathematical optimization, Richard Bellman's Principle of Optimality is based on the idea that in order to solve a dynamic optimization problem from some starting period t to some ending period T, one implicitly has to solve subproblems starting from later dates s, where t<s<T. This is an example of ...
Dynamic problem For an initial set of N numbers, dynamically maintain the maximal one when insertion and deletions are allowed. A well-known solution for this problem is using a self-balancing binary search tree. It takes space O(N), may be initially constructed in time O(N log N) and provides insertion, deletion and query times in O(log N).
Estimation of dynamic discrete choice models is particularly challenging, due to the fact that the researcher must solve the backwards recursion problem for each guess of the structural parameters. The most common methods used to estimate the structural parameters are maximum likelihood estimation and method of simulated moments .