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Optimal control model of technology transition

Author

Listed:
  • Donald A. Hanson
  • Yaroslav Kryukov
  • Sven Leyffer
  • Todd S. Munson

Abstract

This paper discusses the use of optimisation software to solve an optimal control problem arising in the modelling of technology transition. We set up a series of increasingly complex models with such features as learning-by-doing, adjustment cost, and capital investment. The models are written in continuous time and then discretised by using different methods to transform them into large-scale non-linear programs. We use a modelling language and numerical optimisation methods to solve the optimisation problem. Our results are consistent with findings in the literature and highlight the impact the discretisation choice has on the solution and accuracy.

Suggested Citation

  • Donald A. Hanson & Yaroslav Kryukov & Sven Leyffer & Todd S. Munson, 2010. "Optimal control model of technology transition," International Journal of Global Energy Issues, Inderscience Enterprises Ltd, vol. 33(3/4), pages 154-175.
    • Handle: RePEc:ids:ijgeni:v:33:y:2010:i:3/4:p:154-175
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    Cited by:

    1. Hanson, Donald & Schmalzer, David & Nichols, Christopher & Balash, Peter, 2016. "The impacts of meeting a tight CO2 performance standard on the electric power sector," Energy Economics, Elsevier, vol. 60(C), pages 476-485.

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