We prove that under standard Lipschitz and growth conditions, the value function of all optimal control problems for … uniformly bounded below, away from zero. Under similar conditions, the value function of any optimal stopping problem is …

relationship. To compute the optimal contract, I also design an algorithm that is more efficient than value-function iteration. …

this solution is the value function, and that the value function can be computed by value iteration with an appropriate … initial condition. We also show that the value function can be computed by the same procedure under alternative conditions. We …