Sennewald, Ken; Wälde, Klaus - Fakultät Wirtschaftswissenschaften, Technische … - 2005
variables formula and the Hamilton-Jacobi-Bellman equation. This paper provides examples for the application of both tools in … Hamilton-Jacobi-Bellman equation is both a necessary and sufficient criterion for optimality. The main example here consists of … a consumption-investment problem with labor income. It is shown how the Hamilton-Jacobi-Bellman equation can be used to …