Feedback, Dynamics, and Optimal Control in Climate Economics
It serves as an accessible entry point for control theorists to engage with climate economics, but is primarily a review without new results.
This paper provides a tutorial introduction to the DICE model for climate economics, highlighting challenges and open problems for the systems and control community.
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.