RDCEP

Center for Robust Decision Making on Climate and Energy Policy

Dynamic Stochastic IAMs

Researchers: 
William Brock Yongyang Cai Tom Hertel Kenneth Judd Thomas Lontzek

Researchers:

  • William Brock
  • Yongyang Cai
  • Tom Hertel
  • Kenneth Judd
  • Thomas Lontzek

We are constructing a computational framwork for dynamic stochastic Integrated Assessment Models (IAMs), and applying it to economic questions using modern tools from decision theory. This effort has proceeded along three independent paths. We are now beginning to integrate the work.

  • Cai and Judd and Lontzek have focused on developing DSICE, a computational infrastructure for dynamic stochastic IAM analysis. They have applied these dynamic programming tools to cost of carbon problems.
  • Hertel and Steinbuks have focused on developing dynamic models integrating agriculture and forestry.
  • Brock (and collaborators) developed energy balance models of the global climate system.
  • Cai and Judd have begun to expand DSICE to include the agriculture and forestry models studied by Hertel and Steinbuks.
  • A merger of DSICE and Brock’s energy balance models is expected to commence in the next few months.