RIEB Seminar
| Date&Time | Tuesday, June 6, 2017, 3:30pm-5:00pm |
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| Place | Seminar Room at RIEB (Kanematsu Memorial Hall, 1st Floor) |
| Intended Audience | Faculties, Graduate Students and People with Equivalent Knowledge |
| Language | English |
| Note | Copies of the paper will be available at Office of Promoting Research Collaboration. |
3:30pm-5:00pm
| Speaker | Qingyin MA |
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| Affiliation | Research School of Economics, The Australian National University |
| Topic | Optimal Timing of Decisions: A General Theory Based on Continuation Values |
| Abstract | We develop a comprehensive theory of optimal timing of decisions based around continuation values as functions of the state and operators that act on them. Rewards can be bounded or unbounded. One advantage of this approach over standard Bellman equation methods is that continuation value functions are smoother than value functions. Another is that, for a range of problems, the continuation value function exists in a lower dimensional space than the value function. We exploit these advantages to obtain new results and more efficient computation. |