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On the Convexity of the Value Function in Bayesian Optimal Control Problems

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  • Nyarko, Yaw

Abstract

I study the question on the convexity of the value function and Blackwell's (1951) Theorem and relate this to the uniqueness of optimal policies. The main results will conclude that strict convexity and a strict inequality in Blackwell's Theorem will hold if and only if from different priors different optimal actions may be chosen.

Suggested Citation

  • Nyarko, Yaw, 1994. "On the Convexity of the Value Function in Bayesian Optimal Control Problems," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 4(2), pages 303-309, March.
    • Handle: RePEc:spr:joecth:v:4:y:1994:i:2:p:303-09
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    Cited by:

    1. Jovanovic, Boyan & Nyarko, Yaw, 1996. "Learning by Doing and the Choice of Technology," Econometrica, Econometric Society, vol. 64(6), pages 1299-1310, November.
    2. Francisco M. Gonzalez & Shouyong Shi, 2010. "An Equilibrium Theory of Learning, Search, and Wages," Econometrica, Econometric Society, vol. 78(2), pages 509-537, March.
    3. Alejandro Francetich, 2014. "Managing Multiple Research Projects," Working Papers 516, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.

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