Dynamic Programming on a Quantum Annealer: Solving the RBC Model

• URL: http://arxiv.org/abs/2306.04285v1
• Date: Wed, 7 Jun 2023 09:38:42 GMT
• Title: Dynamic Programming on a Quantum Annealer: Solving the RBC Model
• Authors: Jes\'us Fern\'andez-Villaverde and Isaiah Hull
• Abstract summary: We introduce a novel approach to solving dynamic programming problems, such as those in many economic models, on a quantum annealer. We achieve an order-of-magnitude speed-up in solving the real business cycle model over benchmarks in the literature.
• Score: 1.0681288493631977
• License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
• Abstract: We introduce a novel approach to solving dynamic programming problems, such as those in many economic models, on a quantum annealer, a specialized device that performs combinatorial optimization. Quantum annealers attempt to solve an NP-hard problem by starting in a quantum superposition of all states and generating candidate global solutions in milliseconds, irrespective of problem size. Using existing quantum hardware, we achieve an order-of-magnitude speed-up in solving the real business cycle model over benchmarks in the literature. We also provide a detailed introduction to quantum annealing and discuss its potential use for more challenging economic problems.

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