The concept of optimality in classical integrated assessment tools such as GLOBIOM needs to be scrutinized given large scale uncertainties of basic input data as well as knowledge gaps. MEDU’s mission is to address these issues by fundamental research providing improved understanding of basic new concepts as well as by testing and implementing existing methodologies in ESM mainstream models. In particular, MEDU aims to develop and improve a wide spectrum of modeling methodologies, with an emphasis on economic incentives and mechanisms for mitigation and adaptation with special focus on decision-making under uncertainty and diffusion of technology. There is strong cooperation on methodological work with the IIASA ASA and RPV programmes.
MEDU employs the following major tools and methodologies:
- Stochastic optimization and simulation
- Dynamic and static portfolio selection
- Real options theory
- Model intercomparison, particularly in integrated assessment of climate change impacts
- Stylized economic modeling for understanding underlying dynamics and system effects
- Modeling of risk preferences.
CONTACT DETAILS
PUBLICATIONS
International Institute for Applied Systems Analysis (IIASA)
Schlossplatz 1, A-2361 Laxenburg, Austria
Phone: (+43 2236) 807 0 Fax:(+43 2236) 71 313