A recursive method for solving a climate-economy model: value function iterations with logarithmic approximations

A recursive method for solving an integrated assessment model of climate and the economy is developed in this paper. The method approximates value function with a logarithmic basis function and searches for solutions on a set satisfying optimality conditions. These features make the method suitable for a highly nonlinear model with many state variables and various constraints, as usual in a climate-economy model.

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Year of publication:	2014-03-25
Authors:	Hwang, In Chang

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Type of publication:	Book / Working Paper
Language:	English
Notes:	Hwang, In Chang (2014): A recursive method for solving a climate-economy model: value function iterations with logarithmic approximations.
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; C63 - Computational Techniques ; Q54 - Climate; Natural Disasters
Source:	BASE

Persistent link: https://www.econbiz.de/10015241822