Multi-objective Optimal Control of Dynamic Integrated Model of Climate and Economy: Evolution in Action
One of the widely used models for studying economics of climate change is the Dynamic Integrated model of Climate and Economy (DICE), which has been developed by Professor William Nordhaus, one of the laureates of the 2018 Nobel Memorial Prize in Economic Sciences. Originally a single-objective optimal control problem has been defined on DICE dynamics, which is aimed to maximize the social welfare. In this paper, a bi-objective optimal control problem defined on DICE model, objectives of which are maximizing social welfare and minimizing the temperature deviation of atmosphere. This multi-objective optimal control problem solved using Non-Dominated Sorting Genetic Algorithm II (NSGA-II) also it is compared to previous works on single-objective version of the problem. The resulting Pareto front rediscovers the previous results and generalizes to a wide range of non-dominant solutions to minimize the global temperature deviation while optimizing the economic welfare. The previously used single-objective approach is unable to create such a variety of possibilities, hence, its offered solution is limited in vision and reachable performance. Beside this, resulting Pareto-optimal set reveals the fact that temperature deviation cannot go below a certain lower limit, unless we have significant technology advancement or positive change in global conditions.
Code (0)
등록된 구현이 없습니다.
Similar Papers 제목 키워드 기반
Economic model predictive control of integrated energy systems: A multi-time-scale framework
In this work, a composite economic model predictive control (CEMPC) is proposed for the optimal operation of a stand-alone integrated energy system (IES). Time-scale multiplicity exists in IESs dynamics is taken into acc…
Decision MakingModel Predictive ControlOptimal Droop Control Strategy for Coordinated Voltage Regulation and Power Sharing in Hybrid AC-MTDC Systems
With the growing integration of modular multilevel converters (MMCs) in Multi-Terminal Direct Current (MTDC) transmission systems, there is an increasing need for control strategies that ensure both economic efficiency a…
Towards Integrated Traffic Control with Operating Decentralized Autonomous Organization
With a growing complexity of the intelligent traffic system (ITS), an integrated control of ITS that is capable of considering plentiful heterogeneous intelligent agents is desired. However, existing control methods base…
Cooperative Tuning of Multi-Agent Optimal Control Systems
This paper investigates the problem of cooperative tuning of multi-agent optimal control systems, where a network of agents (i.e. multiple coupled optimal control systems) adjusts parameters in their dynamics, objective …
Distributed OptimizationAn integral transformation approach to differential games: a climate model application
We develop an Integral Transformation Method (ITM) for the study of suitable optimal control and differential game models. This allows for a solution to such dynamic problems to be found through solving a family of optim…