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Nerlove–Arrow: A New Solution to an Old Problem

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1 Published in 2017 at "Journal of Optimization Theory and Applications"

DOI: 10.1007/s10957-016-1033-8

Abstract: We use the optimality principle of dynamic programming to formulate a discrete version of the original Nerlove–Arrow maximization problem. When the payoff function is concave, we give a simple recursive process that yields an explicit… read more here.

Keywords: nerlove arrow; solution old; new solution; arrow new ... See more keywords