Feedback, dynamics, and optimal control in climate economics

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

doi:10.1016/j.arcontrol.2019.04.003

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 journal › Review article › peer-review

36 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 language	English
Pages (from-to)	7-20
Number of pages	14
Journal	Annual Reviews in Control
Volume	47
DOIs	https://doi.org/10.1016/j.arcontrol.2019.04.003
Publication status	Published - 2019
Externally published	Yes

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10.1016/j.arcontrol.2019.04.003

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@article{8b1948243f6e4d868c0fe4915f4be28a,

title = "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.",

keywords = "Climate change, Economics, Geophysical dynamics, Nonlinear systems, Optimal control",

author = "Kellett, \{Christopher M.\} and Weller, \{Steven R.\} and Timm Faulwasser and Lars Gr{\"u}ne and Willi Semmler",

note = "Publisher Copyright: {\textcopyright} 2019 Elsevier Ltd",

year = "2019",

doi = "10.1016/j.arcontrol.2019.04.003",

language = "English",

volume = "47",

pages = "7--20",

journal = "Annual Reviews in Control",

issn = "1367-5788",

publisher = "Elsevier Ltd.",

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TY - JOUR

T1 - Feedback, dynamics, and optimal control in climate economics

AU - Kellett, Christopher M.

AU - Weller, Steven R.

AU - Faulwasser, Timm

AU - Grüne, Lars

AU - Semmler, Willi

PY - 2019

Y1 - 2019

N2 - 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.

AB - 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.

KW - Climate change

KW - Economics

KW - Geophysical dynamics

KW - Nonlinear systems

KW - Optimal control

UR - https://www.scopus.com/pages/publications/85065615008

U2 - 10.1016/j.arcontrol.2019.04.003

DO - 10.1016/j.arcontrol.2019.04.003

M3 - Review article

SN - 1367-5788

VL - 47

SP - 7

EP - 20

JO - Annual Reviews in Control

JF - Annual Reviews in Control

ER -

Feedback, dynamics, and optimal control in climate economics

Abstract

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