William D. Nordhaus Managing the Commons: The Economics of Climate Change, Cambridge, MA, The MIT Press, 1994, ISBN 0-262-140551-1

William Nordhaus has gone further than any economist to date at building a dynamic integrated model of the world’s climate and economic systems, with some one-way linkages to agricultural systems and ecosystems. Managing the Commons is an admirably readable description of this effort which, in his words, ‘balances the costs of emissions controls in energy policies and other areas against the impacts to agriculture, coastlines, and ecosystem values’. In addition to a detailed description of the Dynamic Integrated Climate and the Economy (DICE) model and several scenarios produced by the model, the book includes large sections on sensitivity analysis of the model’s parameter uncertainty and an analysis of the value of information gained at various times in the future to the decision process.