Feedback, dynamics, and optimal control in climate economics

Christopher M. Kellett*, Steven R. Weller, Timm Faulwasser, Lars Grüne, Willi Semmler

*Corresponding author for this work

Research output: Contribution to journalReview articlepeer-review

29 Citations (Scopus)

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.

Original languageEnglish
Pages (from-to)7-20
Number of pages14
JournalAnnual Reviews in Control
Volume47
DOIs
Publication statusPublished - 2019
Externally publishedYes

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