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An analytic solution of the stochastic storage problem applicable to soil water

✍ Scribed by Milly, P. C. D.


Book ID
119690463
Publisher
American Geophysical Union
Year
1993
Tongue
English
Weight
298 KB
Volume
29
Category
Article
ISSN
0043-1397

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An analytical approximate solution to th
✍ Gabriel Talmain πŸ“‚ Article πŸ“… 1998 πŸ› Elsevier Science 🌐 English βš– 120 KB

This paper considers the problem of precautionary savings for an expected utility specification with finite horizon. The exact solution is known for only a few cases. Numerical methods have limited applications because of Bellman's 'curse of dimensionality'. This paper derives a simple analytical ap