Calculus of variations vs. continuous-time dynamic programming

From: Dong Ta <dongta.hds@xxxxxxxxx>
Date: Wed, 11 Apr 2007 19:15:08 -0500

Hello,

It's my observation that when dealing with an optimization problem (optimization of a function), physicists tend to use calculus of variation while people in Economics and Finance tend to use continuous-time dynamic programming.

How do you compare the 2 approaches? What are the pros and cons?

Thanks.

DT
.

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