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Full-Text Articles in Physical Sciences and Mathematics
Discrete-Time Control With Non-Constant Discount Factor, Héctor Jasso-Fuentes, José-Luis Menaldi, Tomás Prieto-Rumeau
Discrete-Time Control With Non-Constant Discount Factor, Héctor Jasso-Fuentes, José-Luis Menaldi, Tomás Prieto-Rumeau
Mathematics Faculty Research Publications
This paper deals with discrete-time Markov decision processes (MDPs) with Borel state and action spaces, and total expected discounted cost optimality criterion. We assume that the discount factor is not constant: it may depend on the state and action; moreover, it can even take the extreme values zero or one. We propose sufficient conditions on the data of the model ensuring the existence of optimal control policies and allowing the characterization of the optimal value function as a solution to the dynamic programming equation. As a particular case of these MDPs with varying discount factor, we study MDPs with stopping, …
The Famous Coin Change Problem And Its Possible New Applications, Quang Vu
The Famous Coin Change Problem And Its Possible New Applications, Quang Vu
Undergraduate Journal of Mathematical Modeling: One + Two
The classical problem “Coin change” in Computer Science has become a key problem to a number of subsequent problems in different areas: finance, algorithm study, sports, etc. Mathematicians have been paying attention to only two possible outcomes of the problem: the most time/resource efficient solution and the total number of solutions. However, solutions among the “normal solutions” can be beneficial in certain situations, if carefully considered with math and economic phenomena in the past. Our work describes some of such possible beneficial solutions that are worth paying attention to and its application in finance and fiscal policy. Now it is …