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Discrete State Space Value Function Iteration

In: Dynamic General Equilibrium Modeling

Author

Listed:
  • Burkhard Heer

    (University of Augsburg)

  • Alfred Maußner

    (University of Augsburg)

Abstract

The methods presented in the previous chapters use a system of stochastic difference equations that governs the time path of an economy to find approximations of the policy functions that determine the endogenous variables given the current state of the economy. In this chapter, we switch the perspective from the Euler equations approach to the dynamic programming approach

Suggested Citation

  • Burkhard Heer & Alfred Maußner, 2024. "Discrete State Space Value Function Iteration," Springer Texts in Business and Economics, in: Dynamic General Equilibrium Modeling, edition 3, chapter 0, pages 369-409, Springer.
    • Handle: RePEc:spr:sptchp:978-3-031-51681-8_7
    DOI: 10.1007/978-3-031-51681-8_7
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