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Mr. Gregory White, Master's Degree

Category: Math Homework

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Experience: M.A., M.S. Education / Educational Administration

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The attachment is taken from a Study Guide on Mathematical

Customer Question

Hello,The attachment is taken from a Study Guide on Mathematical Economics (chapter on Dynamic Programming). It is part of an explanation of how Euler's equation is derived. The part I don't quite follow is how they get from equation (7.4) to (7.6), i.e. differentiating the Bellman equation with respect to k(t) using the envelope method. I understand both the Bellman equations and the envelope method (somewhat) of differentiating a maximum value function. I think I just need someone to show me a few more steps, as the SG explanation given is very tearse.