Rationalizing policy functions by dynamic optimization
The Lipschitz continuous function can be the answer to most dynamic maximization problems. Standard convexity and continuity assumptions are venues for the development of optimal paths, characterized by a continuous function. An optimal policy function and an optimal value function provide basic answers to problems with convex constraints and concave objective functional. Complete characterizations of the optimal policy and value functions can be maintained using free disposal and monotonicity.
Publication Name: Econometrica
Subjective probability theory with continuous acts
The state space S is a topological space and that a reference relation is defined exclusively over continuous acts. Previous studies have attempted to represent a preference relation over some restricted act spaces. The representation of preference relations that satisfies weaker rationality conditions do not usually have a simple integral representation. Findings have successfully proven a parallel result on subjective probabilities in a topological, instead of a measure theoretical setting.
Publication Name: The Journal of Mathematical Economics
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