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- W261561371 abstract "Abstract : The discrete time stochastic decision model is a mathematical abstraction of the situation in which a system progresses from state to state incurring a cost at each transition. The cost could be assigned to reflect the preference one has for one state over another or could be the genuine cost of say, operating a business, during the period of transition. A decision maker has some influence over the stochastic manner of the transition but cannot choose deterministically the state into which the system will move. He wishes, of course, to exercise his influence to minimize the total expected cost of all transitions. Thus he must not only take into account the cost of the present transition, but rather must balance his desire to minimize this against his desire to avoid moving to a state where a high future cost is unavoidable. (Author)" @default.
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- W261561371 date "1977-01-01" @default.
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- W261561371 title "Dynamic Programming in Complete Separable Spaces" @default.
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