Optimal control model of technology transition

Donald A. Hanson, Yaroslav Kryukov, Sven Leyffer and Todd S. Munson

International Journal of Global Energy Issues, 2010, vol. 33, issue 3/4, 154-175

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.

Keywords: technology transition; discretisation; optimal control; modelling; energy; optimisation software; learning-by-doing; adjustment cost; capital investment. (search for similar items in EconPapers)
Date: 2010
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