Feedback, dynamics, and optimal control in climate economics

Publikationstyp
Review Article
Date Issued
2019-05-16
Sprache
English
Author(s)
Kellett, Christopher M.  
Weller, Steven R.
Faulwasser, Timm  
Grüne, Lars  
Semmler, Willi
TORE-URI
https://hdl.handle.net/11420/46228
Journal
Annual reviews in control  
Volume
47
Start Page
7
End Page
20
Citation
Annual Reviews in Control 47: 7-20 (2019)
Publisher DOI
10.1016/j.arcontrol.2019.04.003
Scopus ID
2-s2.0-85065615008
Publisher
Elsevier
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.
Subjects
Climate change
Economics
Geophysical dynamics
Nonlinear systems
Optimal control
DDC Class
004: Computer Sciences
550: Earth Sciences, Geology
510: Mathematics