Feedback, dynamics, and optimal control in climate economics

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Kellett, Christopher M. ; Weller, Steven R. ; Faulwasser, Timm ; Grüne, Lars ; Semmler, Willi:
Feedback, dynamics, and optimal control in climate economics.
In: Annual Reviews in Control. Bd. 47 (2019) . - S. 7-20.
ISSN 1367-5788
DOI: https://doi.org/10.1016/j.arcontrol.2019.04.003

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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 provide a tutorial introduction to the DICE model and we indicate challenges and open problems of potential interest for the systems and control community.