Optimal control strategy of companies: inheriting period and carbon emission reduction

DOI10.1155/2020/3461747MaRDI QIDQ2214786zbMATH OpenOpenAlexFDO

Authors Jin Liang, Wenlin Huang

Publication date 10 December 2020

Published in Mathematical Problems in Engineering (Search for Journal in Brave)

Copyright license Creative Commons Attribution 4.0 International

Full work available at URL https://doi.org/10.1155/2020/3461747

Mathematics Subject Classification ID

Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76) Optimal stochastic control (93E20)

Review text

Summary: In this paper, we develop an optimal control model of companies for the inheriting period, during which interphase banking and borrowing of allowances are allowable. By considering the emission reduction policy and the initial auction amount, we optimize the problem in two steps. The model is then converted into a two-dimensional Hamilton-Jacobi-Bellman equation. The numerical results, analysis, and comparisons are presented. Finally, we highlight several policy implications from the perspectives of companies and governments.

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Cites work

• A model of intertemporal emission trading, banking, and borrowing
• An optimal control model for reducing and trading of carbon emissions
• An optimal control model of carbon reduction and trading
• Continuous-time stochastic control and optimization with financial applications
• Dynamic behavior of CO\(_2\) spot prices
• Minimization of carbon abatement cost: modeling, analysis and simulation
• The economics of pollution permit banking in the context of Title IV of the 1990 Clean Air Act Amendments

Cited in

(8)

• Optimal control model of an enterprise for single and inheriting periods of carbon emission reduction
• Minimization of carbon abatement cost: modeling, analysis and simulation
• An optimal control model of carbon reduction and trading
• Monitoring strategies of enterprise’s emission reduction with asymmetric information
• Optimal Investment Timing for Carbon Emission Reduction Technology with a Jump-Diffusion Process
• Optimal Stochastic Control Problem for a Carbon Emission Reduction Process
• Optimal pricing and abatement effort strategy for low carbon products
• Optimal stochastic control for carbon emission with allowances trading

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