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• W2102585927 abstract "This paper presents a simple successive approximation approach to the characterization of optimal policies for finite horizon, semi-Markov decision processes. Optimal policies are nonstationary, for in this setting they depend on both time and state. We illustrate this approach by analyzing the optimal liquidation of an asset; we also show that several aspects of the standard, discrete-time, infinite horizon optimal policy carry over to the continuous-time, finite horizon policy." @default.
• W2102585927 created "2016-06-24" @default.
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• W2102585927 date "1986-08-01" @default.
• W2102585927 modified "2023-10-17" @default.
• W2102585927 title "Successive Approximations for Finite Horizon, Semi-Markov Decision Processes with Application to Asset Liquidation" @default.
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• W2102585927 doi "https://doi.org/10.1287/opre.34.4.638" @default.
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