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Policies, Projections, and the Social Cost of Carbon: Results from the DICE-2023 Model

Author

Listed:
  • Lint Barrage
  • William D. Nordhaus

Abstract

The present study examines the assumptions, modeling structure, and preliminary results of DICE-2023, the revised Dynamic Integrated Model of Climate and the Economy (DICE), updated to 2023. The revision contains major changes in the carbon and climate modules, the treatment of non-industrial greenhouse gases, discount rates, as well as updates on all the major components. The major changes are a significantly lower level of temperature of the cost-benefit optimal policy, a lower cost of reaching the 2° C target, an analysis of the impact of the Paris Accord, and a major increase in the estimated social cost of carbon.

Suggested Citation

  • Lint Barrage & William D. Nordhaus, 2023. "Policies, Projections, and the Social Cost of Carbon: Results from the DICE-2023 Model," NBER Working Papers 31112, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:31112
    Note: EEE PE
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    Cited by:

    1. Mathieu Guigourez, 2023. "10$ a ton of carbon ? The Stern-Nordhaus Controversy : Methodological and Ethical Issues," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-04161930, HAL.
    2. Gaël Giraud & Paul Valcke, 2023. "Macrodynamics and climate: reformulation," Oxford Open Economics, Oxford University Press, vol. 2, pages 518-523.
    3. : Dubois, Loick & Sahuc, Jean-Guillaume & Vermandel, Gauthier, 2024. "A General Equilibrium Approach to Carbon Permit Banking," Single Market Economics Papers WP2024/20, Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (European Commission), Chief Economist Team.

    More about this item

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • H4 - Public Economics - - Publicly Provided Goods
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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