| Article ID: | iaor20102962 |
| Volume: | 37 |
| Issue: | 3 |
| Start Page Number: | 143 |
| End Page Number: | 147 |
| Publication Date: | May 2009 |
| Journal: | Operations Research Letters |
| Authors: | Shapiro Alexander |
We discuss time consistency of multistage risk averse stochastic programming problems. The concept of time consistency is approached from an optimization point of view. That is, at each state of the system optimality of a decision policy should not involve states which cannot happen in the future.