Markov decision processes (MDPs) and stochastic control constitute pivotal frameworks for modelling decision-making in systems subject to uncertainty. At their core, MDPs provide a structured means to ...

Backsolving is a class of methods that generate simulated values for exogenous forcing processes in a stochastic equilibrium model from specified assumed distributions for Euler-equation disturbances.

Abstract: In water resources planning and management, stochastic modeling and simulation of hydrologic time series has been widely used for various purposes including decision making and project ...