Awi Federgruen

A fixed point approach to undiscounted Markov renewal programs

Coauthor(s): Paul Schweitzer.

Abstract:
This paper establishes a simple existence proof for a solution to the optimality equations arising in finite undiscounted Markov Renewal Programs, by applying Brouwer's fixed point theorem to the so-called reduced value-iteration operator. Because of its simplicity, our approach lends itself to new existence results for more general models.

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