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In the 75th Hamlyn Lectures, former Lord Chief Justice of England and Wales Lord Thomas examines Welsh law and the law used for transnational commerce to assess what laws are best national in their application and which are best transnational. He first argues that Wales as a nation should be able to make its own laws on the basis of clear principles and sets out possible solutions to the issues raised by the devolution of law-making powers in 1999. He then explains the success of English commercial law in attaining transnational use and examines the emergence of transnational law from the late nineteenth century. At a time of unprecedented change and competition, his analysis of the present position of the use of English law for transnational commerce and the challenges it faces provides the essential context for a series of practical options for its continued use in the future.
This chapter gives a detailed and rigorous treatment of Markov decision processes, which are a foundational framework for dynamic programming. Numerous examples are discussed.
This chapter introduces key concepts from dynamic programming via a simple job search example with IID wage draws. We also discuss numerical methods and fixed-point techniques.
This chapter gives a rigorous treatment of optimal stopping in discrete time. We also consider numerical and analytical methods using continuation value techniques.
This chapter considers dynamic programming in continuous time when the state space is finite. The chapter begins with a treatment of linear dynamics in vector space and then identifies lifetime values with integrals over discounted expected rewards. The optimality theory uses a discrete version of the Hamilton-Jacobi-Bellman equation. The material serves as a jump-off point for learning continuous time optimization.