论文标题：Optimal Timing of Decisions: A General Theory Based on Continuation Values

　　发表时间：2019

　　论文所有作者：Qingyin Ma and John Stachurski

　　期刊名及所属分类：Journal of Economic Dynamics and Control(国际B)

　　英文摘要：By extending a methodology dating back to Jovanovic (1982), we develop a comprehensive theory of optimal timing of decisions based on continuation value functions and operators that act on them. Rewards can be bounded or unbounded. One advantage of this approach over standard Bellman 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 a range of new results on optimality, optimal behavior and efficient computation.

　　中文摘要：通过扩展Jovanovic(1982)的方法论，我们发展了基于连续值函数和操作符的最优决策时间的综合理论。奖励可以是有界的，也可以是无界的。与标准的Bellman方法相比，这种方法的一个优点是延续值函数比值函数更平滑。另一种是，对于一系列问题，延拓值函数存在于比值函数更低维的空间中。我们利用这些优点获得了一系列关于最优性、最优行为和高效计算的新结果。