arXiv · 1812.08066
Feedback, Dynamics, and Optimal Control in Climate Economics
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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Christopher M. Kellett, Steven R. Weller, Timm Faulwasser, Lars Grüne, Willi Semmler. 2018-12-19. Feedback, Dynamics, and Optimal Control in Climate Economics. https://arxiv.org/abs/1812.08066
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