It holds in great generality that a plan is optimal for a dynamic programming problem, if and only if it is “thrifty” and “equalizing.” An alternative characterization of an optimal plan, that applies in many economic models, is that the plan must satisfy an appropriate Euler equation and a transversality condition. Here we explore the connections between these two characterizations.

Although studies of vision and graphics often assume simple illumination models, real-world illumination is highly complex, with reflected light incident on a surface from almost every direction. One can capture the illumination from every direction at one point photographically using a spherical illumination map. This work illustrates, through analysis of photographically acquired, high dynami...

Although, Single-Sided Linear Induction Motor (SLIM) utilization has increased in railway applications due to their numerous advantages in comparison to Rotational Induction Motors (RIM), there are some sophistication in their mathematical models and electrical drive. This paper focuses on the problems of SLIM modeling, with assuming end-effect on the basis of Field Oriented Control (FOC) as a ...

This paper considers the problem of forecasting in dynamic factor models using Bayesian model averaging. Theoretical justi…cations for averaging across models, as opposed to selecting a single model, are given. Practical methods for implementing Bayesian model averaging with factor models are described. These methods involve algorithms which simulate from the space de…ned by all possible models...

We develop tests for structural breaks of factor loadings in dynamic factor models. We focus on the joint null hypothesis that all factor loadings are constant over time. Because the number of factor loading parameters goes to infinity as the sample size grows, the conventional test cannot be used. Based on the fact that the estimated factors will demonstrate a higher dimension under the altern...