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
Famous quotes containing the word economic:
“America is no place for an artist: to be an artist is to be a moral leper, an economic misfit, a social liability. A corn-fed hog enjoys a better life than a creative writer, painter, or musician. To be a rabbit is better still.”
—Henry Miller (1891–1980)