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The 'DICE' Model: Background and Structure of a Dynamic Integrated Climate-Economy Model of the Economics of Global Warming

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Abstract

This study is designed to present the methodological and technical assumptions and the results behind the Dynamic Integrated model of Climate and the Economy (the DICE model). It is a model that attempts to use the tools of modern economics to determine an efficient strategy for coping with the threat of global warming. The fundamental premise behind this study is that societies should undertake environmental policies only when their benefits, broadly construed, exceed their costs and that the level of environmental control should be at that point where the incremental benefits of additional controls no longer exceed the incremental costs. In the area of global warming, this general strategy is easy to articulate and difficult to execute. The work embodied in this study lays out one approach -- the use of dynamic economic optimization -- to the construction of an efficient control strategy.

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File URL: http://cowles.econ.yale.edu/P/cd/d10a/d1009.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1009.

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Length: 73 pages
Date of creation: Feb 1992
Date of revision:
Handle: RePEc:cwl:cwldpp:1009

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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

Related research

Keywords: Air pollution; conservation; environment; climate;

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As found by EconAcademics.org, the blog aggregator for Economics research:
  1. 地球を冷やす安価な方法
    by ikeda_nobuo in 池田信夫 blog on 2009-11-01 05:02:50
  2. We’re massively underestimating climate costs, experts warn
    by John Upton in Grist Business and Technology on 2014-06-16 23:10:04
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Cited by:
  1. Parson, Edward A, 1995. "Integrated assessment and environmental policy making : In pursuit of usefulness," Energy Policy, Elsevier, vol. 23(4-5), pages 463-475.
  2. Olli Tahvonen, 1995. "Dynamics of pollution control when damage is sensitive to the rate of pollution accumulation," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 5(1), pages 9-27, January.
  3. Stephen P.A. Brown & Hillard G. Huntington, 2003. "Terms of trade and OECD policies to mitigate global climate change," Economic and Financial Policy Review, Federal Reserve Bank of Dallas.

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