Stochastic programming: Difference between revisions

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==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]]<ref> Howitt, R., Msangi, S., Reynaud, A and K. Knapp. 2002. "Using Polynomial Approximations to Solve Stochastic Dynamic Programming Problems: or A "Betty Crocker " Approach to SDP." University of California, Davis, Department of Agricultural and Resource Economics Working Paper. http://www.agecon.ucdavis.edu/aredepart/facultydocs/Howitt/Polyapprox3a.pdf </ref>where the uncertainty enters in such as weather, etc.

== See also ==

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* [[Dynamic programming]]

==References==