Does cost optimization approximate the real-world energy transition?

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Modelling innovation and the macroeconomics of low-carbon transitions: theory, perspectives and practical use (2019, unknown): “…model experiments (Holtz et al., 2015; Li & Strachan, 2017; Li, Trutnevyte, & Strachan, 2015; McCollum et al., 2017; McCollum et al., 2018a; Pettifor, Wilson, McCollum, & Edelenbosch, 2017; Trutnevyte, 2016), none of these experiments challenge representations of investment, money and finance.”
Evaluating process-based integrated assessment models of climate change mitigation (2017, background): “This type of structural change should be endogenously simulated, and does not represent a challenge to model evaluation. real markets are imperfect and IAMs may not capture the numerous distortions through which observed prices are reflected (Trutnevyte 2016).”
Societal Transformations in Models for Energy and Climate Policy: The Ambitious Next Step (2019, background): “The threshold can be defined through empirical research(97) together with ex post modeling.(46) Application of this technique reduces the bias in conventional models toward unrealistic cost-optimal scenarios, and societal transformation dynamics can be broadly encapsulated by means of MGA and uncert”