On the convexity of the value function in Bayesian optimal control problems

Yaw Nyarko

doi:10.1007/BF01221207

On the convexity of the value function in Bayesian optimal control problems

Yaw Nyarko

Economics

Research output: Contribution to journal › Article › peer-review

Abstract

I study the question on the convexity of the value function and Blackwell (1951)'s Theorem and relate this to the uniqueness of optimal policies. The main results will conclude that strict convexity and a strict inequality in Blackwell's Theorem will hold if and only if from different priors different optimal actions may be chosen.

Original language	English (US)
Pages (from-to)	303-309
Number of pages	7
Journal	Economic Theory
Volume	4
Issue number	2
DOIs	https://doi.org/10.1007/BF01221207
State	Published - Mar 1994

ASJC Scopus subject areas

Economics and Econometrics

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abstract = "I study the question on the convexity of the value function and Blackwell (1951)'s Theorem and relate this to the uniqueness of optimal policies. The main results will conclude that strict convexity and a strict inequality in Blackwell's Theorem will hold if and only if from different priors different optimal actions may be chosen.",

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On the convexity of the value function in Bayesian optimal control problems

Abstract

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