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One of the widely used models for studying economics of climate change is theDynamic Integrated model of Climate and Economy (DICE), which has beendeveloped by Professor William Nordhaus, one of the laureates of the 2018 NobelMemorial Prize in Economic Sciences. Originally a single-objective optimalcontrol problem has been defined on DICE dynamics, which is aimed to maximizethe social welfare. In this paper, a bi-objective optimal control problemdefined on DICE model, objectives of which are maximizing social welfare andminimizing the temperature deviation of atmosphere. This multi-objectiveoptimal control problem solved using Non-Dominated Sorting Genetic Algorithm II(NSGA-II) also it is compared to previous works on single-objective version ofthe problem. The resulting Pareto front rediscovers the previous results andgeneralizes to a wide range of non-dominant solutions to minimize the globaltemperature deviation while optimizing the economic welfare. The previouslyused single-objective approach is unable to create such a variety ofpossibilities, hence, its offered solution is limited in vision and reachableperformance. Beside this, resulting Pareto-optimal set reveals the fact thattemperature deviation cannot go below a certain lower limit, unless we havesignificant technology advancement or positive change in global conditions.

Multi-objective Optimal Control of Dynamic Integrated Model of Climate and Economy: Evolution in Action