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 ...

The valuation of the real option to store natural gas is a practically important problem that entails dynamic optimization of inventory trading decisions with capacity constraints in the face of ...

In a companion paper (Godfrey and Powell 2002) we introduced an adaptive dynamic programming algorithm for stochastic dynamic resource allocation problems, which arise in the context of logistics and ...

Dynamic programming is a systematic method that balances present-day rewards against future penalties that are a direct result of today's actions.