The Bellman equation explained
In 1953, Richard Bellman introduced the principles of dynamic programming in order to efficiently solve sequential decision problems. In this type of problem, decisions are periodically implemented and influence the size of the model. In turn, these influence future decisions. The principle of optimality, enunciated by Bellman, allows, through an intelligent application, you to efficiently deal with the complexity of the interaction between the decisions and the sizes of the model. Dynamic programming techniques were also applied from the outset to problems in which there is no temporal or sequential aspect.
Important Note
Although dynamic programming can be applied to a wide range of problems by providing a common abstract model, from a practical point of view, many problems require models of such dimensions to preclude, then as now, any computational approach. This inconvenience was then called the 'curse of dimensionality' and was an...
