Market Value Maximization and Markov Dynamic Programming
展示如何用动态规划的操作方法求解企业市场价值最大化问题，将其转化为马尔可夫决策问题并通过线性规划求解，同时说明如何计算状态依存价格及聚合状态以提升实用性。
This paper shows how an operational method for solving dynamic programs can be used, in some cases, to solve the problem of maximizing a firm's market value. The problem is formulated as a Markov decision problem that can be solved via linear programming. The paper shows how to calculate (or estimate) the state-contingent prices that are used to value the firm. In addition, the paper points out how states can be aggregated to make the solution technique more practical. The paper's final section contains a specific example.