Economic Applications
Stochastic dynamic programming is a useful tool in understanding decision making under uncertainty. The accumulation of capital stock under uncertainty is one example, often it is used by resource economists to analyze bioeconomic problems where the uncertainty enters in such as weather, etc..
Read more about this topic: Stochastic Programming
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“In our personal ambitions we are individualists. But in our seeking for economic and political progress as a nation, we all go up—or else all go down—as one people.”
—Franklin D. Roosevelt (1882–1945)