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Myopic Solutions of Affine Dynamic Models

Author

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  • Matthew J. Sobel

    (State University of New York, Stony Brook, New York)

Abstract

New sufficient conditions are presented for a dynamic process to have a myopic optimum and for a sequential game to possess a myopic equilibrium point. An optimum (or an equilibrium point) is said to be myopic if it can be specified by solving a static optimization problem (or a static Nash game). The results are applied to an aquaculture harvesting model and a dynamic oligopoly model with advertising decisions.

Suggested Citation

  • Matthew J. Sobel, 1990. "Myopic Solutions of Affine Dynamic Models," Operations Research, INFORMS, vol. 38(5), pages 847-853, October.
    • Handle: RePEc:inm:oropre:v:38:y:1990:i:5:p:847-853
    DOI: 10.1287/opre.38.5.847
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    Citations

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    Cited by:

    1. Andre P. Calmon & Florin D. Ciocan & Gonzalo Romero, 2021. "Revenue Management with Repeated Customer Interactions," Management Science, INFORMS, vol. 67(5), pages 2944-2963, May.
    2. Dutta, Prajit K. & Radner, Roy, 2009. "A strategic analysis of global warming: Theory and some numbers," Journal of Economic Behavior & Organization, Elsevier, vol. 71(2), pages 187-209, August.
    3. Matthew J. Sobel & Wei Wei, 2010. "Myopic Solutions of Homogeneous Sequential Decision Processes," Operations Research, INFORMS, vol. 58(4-part-2), pages 1235-1246, August.
    4. Slotnick, Susan A. & Sobel, Matthew J., 2022. "Collaboration with a supplier to induce fair labor practices," European Journal of Operational Research, Elsevier, vol. 302(1), pages 244-258.
    5. Wang, Yunzeng, 2001. "The optimality of myopic stocking policies for systems with decreasing purchasing prices," European Journal of Operational Research, Elsevier, vol. 133(1), pages 153-159, August.
    6. Jie Ning & Matthew J. Sobel, 2019. "Easy Affine Markov Decision Processes," Operations Research, INFORMS, vol. 67(6), pages 1719-1737, November.
    7. Matthew J. Sobel & Volodymyr Babich, 2012. "Optimality of Myopic Policies for Dynamic Lot-Sizing Problems in Serial Production Lines with Random Yields and Autoregressive Demand," Operations Research, INFORMS, vol. 60(6), pages 1520-1536, December.
    8. Jie Ning, 2021. "Reducible Markov Decision Processes and Stochastic Games," Production and Operations Management, Production and Operations Management Society, vol. 30(8), pages 2726-2751, August.

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