Geodesic
Study of the Bellman equation in a production model with unstable demand
Žurnal vyčislitelʹnoj matematiki i matematičeskoj fiziki, Tome 54 (2014) no. 9, pp. 1465-1496 
N. K. Obrosova; A. A. Shananin. Study of the Bellman equation in a production model with unstable demand. Žurnal vyčislitelʹnoj matematiki i matematičeskoj fiziki, Tome 54 (2014) no. 9, pp. 1465-1496. http://geodesic.mathdoc.fr/item/ZVMMF_2014_54_9_a4/
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Voir la notice de l'article provenant de la source Math-Net.Ru

A production model with allowance for a working capital deficit and a restricted maximum possible sales volume is proposed and analyzed. The study is motivated by the urgency of analyzing well-known problems of functioning low competitive macroeconomic structures. The original formulation of the task represents an infinite-horizon optimal control problem. As a result, the model is formalized in the form of a Bellman equation. It is proved that the corresponding Bellman operator is a contraction and has a unique fixed point in the chosen class of functions. A closed-form solution of the Bellman equation is found using the method of steps. The influence of the credit interest rate on the firm market value assessment is analyzed by applying the developed model.

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