One of the fundamental concepts in mathematics is that of transformation. The study of the unfolding over time of a physical process leads naturally to investigations of the effects of the repetition of a transformation, which is to say to the study of multistage processes. Much of classical and contemporary analysis stems from this source: iteration, ergodic theory, the theory of semigroups [1], the theory of branching processes [2], random transformations at fixed times and deterministic transformations at stochastic times [3, 4]. We wish to indicate still another direction of research, that of multistage decision processes. What happens when we allow a choice of the transformation to be employed at each time?

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The Dawn of Dynamic Programming Richard E. Bellman (1920–1984) is best known for the invention of dynamic programming in the 1950s. During his amazingly prolific career, based primarily at The University of Southern California, he published 39 books (several of which were reprinted by Dover, including Dynamic Programming, 42809-5, 2003) and 619 papers. Despite battling the crippling effects of a brain injury, he still published 100 papers during the last eleven years of his life. He was a frequent informal advisor to Dover during the 1960s and 1970s. Professor Bellman was awarded the IEEE Medal of Honor in 1979 "for contributions to decision processes and control system theory, particularly the creation and application of dynamic programming."

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