In addition to other methods we’ve discussed, a third type of variable spending model uses dynamic programming methods. These methods rely on complex computing power and mathematical equations to ...

We present an Approximate Dynamic Programming (ADP) approach for the multidimensional knapsack problem (MKP). We approximate the value function (a) using parametric and nonparametric methods and (b) ...

The valuation of the real option to store natural gas is a practically important problem that entails dynamic optimization of inventory trading decisions with capacity constraints in the face of ...

Mathematical Background: We expect that the student is comfortable with basic mathematics at the level of a U.S. first-year college STEM student. This includes basic notions such as sets and functions ...

A well-established mathematical algorithm known as dynamic programming, combined with advances in personal computing power, now allows straightforward optimization of fixed-bed catalyst life strategy.