Dynamic programming techniques are often used in economy due to the recursive structure that many dynamic economic optimization problems have. These problems, usually having a complex form, are disintegrated into smaller sub-problems whose optimal solutions lead to the optimal solution of the original problem. In the economic study of this paper we use the backward method in which the final state of the system and the chosen policy determine the initial state of the system.
Bellman, R. (1954). The theory of dynamic programming, The RAND Corporation, available online at http://www.rand.org/pubs/papers/2008/P550.pdf
Chinneck, W. J. (2012). Practical optimization: A gentle introduction, available online at http://www.sce.carleton.ca/faculty/chinneck/po.html
Dreyfus, S. (2002). Richard Bellman on the Birth of Dynamic Programming, Operations Research © 2002 INFORMS, Vol. 50, No. 1, pp. 48–51, from http://www.cas.mcmaster.ca/~se3c03/journal_papers /dy_birth.pdf
Kaufmann, A. (1967). Metode si modele ale cercetarii operationale, vol. I,II, Editura Stiintifica si Enciclopedica, Bucuresti
Trandafir, R. (2004). Modele si algoritmi de optimizare, Editura AGIR, Bucuresti, from http://civile.utcb.ro/mao.pdf
In-Text Citation: (Teselios & Albici, 2013)
To Cite this Article: Teselios, D., & Albici, M. (2013). Dynamic Programming – A Profit Optimization Method. International Journal of Academic Research in Accounting Finance and Management Sciences, 3(1), 351–358.
Copyright: © 2021 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode
