Principle of Optimality


The principle of optimality is the basic principle of dynamic programming, which was developed by Richard Bellman: that an optimal path has the property that whatever the initial conditions and control variables (choices) over some initial period, the control (or decision variables) chosen over the remaining period must be optimal for the remaining problem, with the state resulting from the early decisions taken to be the initial condition.


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Econterms. "Principle of Optimality." ThoughtCo, Jun. 13, 2014, Econterms. (2014, June 13). Principle of Optimality. Retrieved from Econterms. "Principle of Optimality." ThoughtCo. (accessed March 21, 2018).