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doi:10.1016/0165-1889(94)90036-1 
Copyright © 1994 Published by Elsevier Science B.V. All rights reserved.
Smooth dynamics and computation in models of economic growth*1
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Available online 10 April 2002.
Abstract
In this paper we give an overview of the differentiability properties of the value and policy functions of dynamic programming. Based upon the differentiability analysis, we also derive approximation estimates for the value and policy functions of a discretized model amenable to the computation of optimal solutions.
Author Keywords: Dynamic programming; Value and policy functions; Computation; Economic growth models
JEL classification codes: C10
Article Outline
*1 This paper was written while I was visiting the Centro de Investigación Económica (ITAM), Mexico, and draws on an invited talk at the annual meetings of the Society for Economic Dynamics and Control held at Nafplio (Greece), June 1993. Lively discussions from conference participants sharpened my views on this topic. Special thanks are due to Michele Boldrin, Tryphon Kollintzas, and David Levine for valuable conversations.
Correspondence to: Manuel S. Santos, Departamento de Economia, Universidad Carlos III de Madrid, 28903 Getafe, Madrid, Spain.
