New answers tagged dynamic-programming
1
(The second equation for the value function of the unemployed should be
$$
v(w,U)= \max \{v(w,E); \,u[c,1]+\beta\int v(w', U) dF(w')\}. \quad (*)
$$
)
...how do you know when your problem solution require more than
one Bellman equation?
Whenever the state space of the problem contains discrete coordinates,
there would be "multiple" value ...
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