Model Documentation - TIAM-UCL
|Institution||University College London (UCL), UK, https://www.ucl.ac.uk.|
|Solution concept||Partial equilibrium (price elastic demand)|
|Solution method||Linear optimisation|
(Stochastic and myopic runs are also possible)
TIAM-UCL is a global energy systems model that is usually run along with a climate module (calibrated to MAGICC) and an aggregated economic module (Macro Stand-Alone) in order to assess long-term energy decarbonisation scenarios and pathways.
The model is called the TIMES Integrated Assessment Model in UCL. TIMES is itself an acronym for ‘The Integrated MARKAL-EFOM System’.
The framework is akin to that of a long-term social planner with perfect foresight that acheives exogenous energy demands at lowest cost given detailed energy technology assumptions and specified constraints