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A Stochastic Control Approach to Optimal Climate Policies

In: Stochastic Processes, Optimization, and Control Theory: Applications in Financial Engineering, Queueing Networks, and Manufacturing Systems

Author

Listed:
  • Alain Haurie

    (University of Geneva
    ORDECSYS)

Abstract

The purpose of this paper is to show how a discrete event stochastic control paradigm similar to the one proposed by Suresh Sethi in the realm of finance, economic planning or manufacturing systems can be used to analyze the important issue of optimal timing in global climate change policies. One proposes a stochastic economic growth model to study the optimal schedule of greenhouse gases (GHG) emissions abatement in an economy that can invest in RD&D, in an existing or a future backstop technology and faces uncertainty in both climate and technical progress dynamics.

Suggested Citation

  • Alain Haurie, 2006. "A Stochastic Control Approach to Optimal Climate Policies," International Series in Operations Research & Management Science, in: Houmin Yan & George Yin & Qing Zhang (ed.), Stochastic Processes, Optimization, and Control Theory: Applications in Financial Engineering, Queueing Networks, and Manufacturing Systems, chapter 0, pages 159-173, Springer.
    • Handle: RePEc:spr:isochp:978-0-387-33815-6_9
    DOI: 10.1007/0-387-33815-2_9
    as

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