dc.contributor.author | Sandal, Leif Kristoffer | |
dc.date.accessioned | 2009-10-19T10:53:08Z | |
dc.date.available | 2009-10-19T10:53:08Z | |
dc.date.issued | 2009-09 | |
dc.identifier.issn | 1500-4066 | |
dc.identifier.uri | http://hdl.handle.net/11250/163971 | |
dc.description.abstract | Dynamic optimization problems cover a large class of problems in theoretical and
applied economics. A simple iterative algorithm with fast convergence is proposed. It
is demonstrated that the algorithm in a few steps produce excellent analytic (closed
form) approximations including error bounds to a class of nonlinear problems.The
algorithmic scheme is also well suited to produce numerical solutions. The notions
of dynamic and potential rents are operationalized. The algorithm is utilizing a
relation balancing these concepts. The result is particularly strong in the case of zero
discounting where the exact CU-optimal policy is determined in a single step.
Applying a particular seed in the general convergent scheme reproduces in a simple way results (formulas) published in the last decade in bioeconomics. | en |
dc.language.iso | eng | en |
dc.publisher | Norwegian School of Economics and Business Administration. Department of Finance and Management Science | en |
dc.relation.ispartofseries | Discussion paper | en |
dc.relation.ispartofseries | 2009:8 | en |
dc.subject | closed form approximations | en |
dc.subject | contraction algorithm | en |
dc.subject | renewable resource economics | en |
dc.subject | capital dynamic modeling | en |
dc.subject | zero discounting | en |
dc.subject | optimality | en |
dc.title | Approximating closed form solutions to a class of feedback policies | en |
dc.type | Working paper | en |
dc.subject.nsi | VDP::Matematikk og Naturvitenskap: 400::Matematikk: 410::Anvendt matematikk: 413 | en |
dc.subject.nsi | VDP::Landbruks- og Fiskerifag: 900::Fiskerifag: 920::Ressursbiologi: 921 | en |