Polynomial approximation—a new computational technique in dynamic programming: Allocation processes

In principle, this equation can be solved computationally using the same technique that applies so well to (1.3). In practice (see [1] for a discussion), questions of time and accuracy arise. There are a number of ways of circumventing these difficulties, among which the Lagrange multiplier plays a significant role. In this series of papers, we wish to present a number of applications of a new, simple and quite powerful method, that of polynomial approximation. We shall begin with a discussion of the allocation process posed in the foregoing paragraphs and continue, in subsequent papers, with a treatment of realistic trajectory and