. The method approximates value function with a logarithmic basis function and searches for solutions on a set satisfying …

iteration whether or not the xed point is the value function. As an application, we show one of the main results of Kamihigashi …

iteration whether or not the fixed point is the value function. As an application, we show one of the main results of …

conventional value function iteration. ECM has two novel features: First, to reduce the cost, ECM replaces expensive backward … of solutions, ECM solves for derivatives of a value function jointly with a value function itself. We complement ECM with …

are not sufficient to characterize the value function. By doing this, we present the logic behind the simple yet useful …

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

implement, dominates conventional value function iteration and is comparable in accuracy and cost to Carroll’s (2005) endogenous …