Feedback, dynamics, and optimal control in climate economics

Kellett, C.M., Weller, S.R., Faulwasser, T., Grüne, L., & Semmler, W. (2019). Feedback, dynamics, and optimal control in climate economics. Annual Reviews in Control 47 7-20. 10.1016/j.arcontrol.2019.04.003.

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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.

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