Part 1: An Overview – Introduction to Dynamic Programming
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This is the first video of a series on Dynamic Programming. After a general introduction to dynamic optimisation problems, the video proceeds to present the Sequence Problem (SP) as a general representation of the same. Subsequently, the Bellman Equation is derived and the corresponding Functional Equation (FE) is introduced as a necessary condition of the value function. This fundamental relationship illustrates what it means to approach the dynamic optimisation problem indirectly and will be one of the three main tools, the rest of the series will be structured around.
The slides and all material from the channel are available at https://github.com/PPEphile
I hope you liked this video and if you have questions or suggestions, make sure to drop them below.
00:00 – Intro to Dynamic Optimization
01:23 – Corn Growing
02:45 – Dynamic Programming
04:14 – Bellman Equation/ Functional Equation
07:19 – Wrap-up
08:08 – Outlook
08:40 – Check-points
09:58 – Textbooks
#dynamic #optimization #recursive #Euler #Bellman #economics