Feedback, dynamics, and optimal control in climate economics

Kellett CM, Weller SR, Faulwasser T, Grüne L, & Semmler W (2019). Feedback, dynamics, and optimal control in climate economics. Annual Reviews in Control DOI:10.1016/j.arcontrol.2019.04.003. (In Press)

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Abstract

For his work in the economics of climate change, Professor William Nordhaus was a co-recipient of the 2018 Nobel Memorial Prize for Economic Sciences. A core component of the work undertaken by Nordhaus is the Dynamic Integrated model of Climate and Economy, known as the DICE model. The DICE model is a discrete-time model with two control inputs and is primarily used in conjunction with a particular optimal control problem in order to estimate optimal pathways for reducing greenhouse gas emissions. In this paper, we provide a tutorial introduction to the DICE model and we indicate challenges and open problems of potential interest for the systems and control community.

Item Type: Article
Uncontrolled Keywords: Optimal control; Nonlinear systems; Economics; Geophysical dynamics; Climate change
Research Programs: Advanced Systems Analysis (ASA)
Depositing User: Luke Kirwan
Date Deposited: 20 May 2019 07:36
Last Modified: 24 Sep 2019 07:42
URI: http://pure.iiasa.ac.at/15916

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