Feedback, dynamics, and optimal control in climate economics
Copyright policy )Feedback, dynamics, and optimal control in climate economics
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.
18 pages, 4 figures
- University of Bayreuth Germany
- University of Newcastle Australia Australia
- New School United States
- International Institute for Applied Systems Analysis Austria
- Bielefeld University Germany
ddc:004, 330, Economics, Sustainable Development Goals, Systems and Control (eess.SY), geophysical dynamics, optimal control, Optimization and Control, Nonlinear systems, FOS: Electrical engineering, electronic engineering, information engineering, FOS: Mathematics, Climate change, SDG 8, DATA processing & computer science, economics, SDG 13, 004, Optimal control, climate change, Optimization and Control (math.OC), nonlinear systems, info:eu-repo/classification/ddc/004, Geophysical dynamics, Systems and Control
ddc:004, 330, Economics, Sustainable Development Goals, Systems and Control (eess.SY), geophysical dynamics, optimal control, Optimization and Control, Nonlinear systems, FOS: Electrical engineering, electronic engineering, information engineering, FOS: Mathematics, Climate change, SDG 8, DATA processing & computer science, economics, SDG 13, 004, Optimal control, climate change, Optimization and Control (math.OC), nonlinear systems, info:eu-repo/classification/ddc/004, Geophysical dynamics, Systems and Control
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