Definition: A Bellman equaion is any value or flow value equation. For a discrete problem it can generally be
of the form:
v(k) = max over k' of { u(k,k') + b*v(k') }
where:
u() is the one-period return function (e.g., a utility function) and
v() is the value function and
k is the current state and
k' is the state to be chosen and
b is a scalar real parameter, the discount rate,
generally slightly less than one.(Econterms)
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