Do not Blame Bellman: It Is Koopmans' Fault.

We provide a unified approach to stochastic dynamic programming with recursive utility based on an elementary application of Tarski's fixed point theorem. We establish that the exclusive source of multiple values is the presence of multiple recursive utilities consistent with the given aggregator, e...

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Bibliographic Details

Published in:	Econometrica Vol. 92; no. 1; pp. 111 - 141
Main Authors:	Bloise, Gaetano, Le Van, Cuong, Vailakis, Yiannis
Format:	Article
Published:	Wiley-Blackwell Jan2024
Subjects:	Dynamic programming Stochastic programming
Online Access:	View this record in EBSCOhost