The previous article in this issue dealt with the general principles of Dynamic Programming. In this article Professor Lindley shows how Dynamic Programming links up with certain decision problems in ...

The paper solves the stochastic inverse optimal problem. Dynamic programming is used to transform the original problem into a differential equation. Such an equation is well-defined (with probability ...

Discover how environmental economics addresses resource scarcity, impacts policy decisions, and supports sustainable development with real-world examples and strategies.

Learn how penetration pricing attracts customers with initial low prices and view examples of this strategy in action to improve market share and customer retention.