An Application of Kleene's Fixed Point Theorem to Dynamic Programming: A Note

In this note, we show that the least fixed point of the Bellman operator in a certain set can be computed by value iteration whether or not the fixed point is the value function. As an application, we show one of the main results of Kamihigashi (2014, "Elementary results on solutions to the Bellman equation of dynamic programming:existence, uniqueness, and convergence," Economic Theory 56, 251-273) with a simpler proof.

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Year of publication:	2014-05
Authors:	Kamihigashi, Takashi ; Reffett, Kevin ; Yao, Masayuki
Institutions:	Research Institute for Economics and Business Administration, Kobe University
Subject:	Dynamic programming \| Bellman equation \| Value function \| Fixed point

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Extent:	application/pdf
Series:	Discussion Paper Series. - ISSN 1345-2207.
Type of publication:	Book / Working Paper
Notes:	Number DP2014-24 9 pages
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis
Source:	RePEc - Research Papers in Economics

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