Feedback and Optimal Control in Climate Economics

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Kellett, Christopher M. ; Weller, Steven R. ; Faulwasser, Timm ; Grüne, Lars ; Semmler, Willi:
Feedback and Optimal Control in Climate Economics.
Newcastle , 2018 . - 16 S.

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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 summarize the model for the systems and control community and indicate some current and future work.