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| Author: | Mitra, T. Sorger, G. |
| Title: | Rationalizing policy functions by dynamic optimization |
| Journal: | Econometrica
1999 : MAR, VOL. 67:2, p. 375-392 |
| Index terms: | POLICY OPTIMIZATION |
| Language: | eng |
| Abstract: | The authors derive necessary and sufficient conditions for a pair of functions to be the optimal policy function and the optimal value function of a dynamic maximization problem with convex constraints and concave objective functional. It is shown that every Lipschitz continuous function can be the solution of such a problem. If the maintained assumptions include free disposal and monotonicity, then we obtain a complete characterization of all optimal policy and optimal value functions. |
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