The value function is the unique minimizer of a functional whose Euler-Lagrange equation matches the HJB equation, with a verification theorem giving optimal policies via change of measure and BSDE uniqueness.
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Infinite Horizon Optimal Consumption: Intertemporal Hedging under Epstein-Zin Preferences
The value function is the unique minimizer of a functional whose Euler-Lagrange equation matches the HJB equation, with a verification theorem giving optimal policies via change of measure and BSDE uniqueness.