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.
Cite
@article{arxiv.1812.08066,
title = {Feedback, Dynamics, and Optimal Control in Climate Economics},
author = {Christopher M. Kellett and Steven R. Weller and Timm Faulwasser and Lars Grüne and Willi Semmler},
journal= {arXiv preprint arXiv:1812.08066},
year = {2019}
}