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Climate Change and the Social Cost of Carbon: DICE Explained and Expanded

Author

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  • G. Cornelis van Kooten
  • Mark E. Eiswerth
  • Jonathon Izett
  • Alyssa R. Russell

Abstract

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Suggested Citation

  • G. Cornelis van Kooten & Mark E. Eiswerth & Jonathon Izett & Alyssa R. Russell, 2021. "Climate Change and the Social Cost of Carbon: DICE Explained and Expanded," Working Papers 2021-01, University of Victoria, Department of Economics, Resource Economics and Policy Analysis Research Group.
    • Handle: RePEc:rep:wpaper:2021-01
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    File URL: http://web.uvic.ca/~repa/publications/REPA%20working%20papers/WorkingPaper2021-01.pdf
    File Function: Final version, 2021
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    References listed on IDEAS

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    2. Kverndokk, Snorre & Nævdal, Eric & Nøstbakken, Linda, 2014. "The trade-off between intra- and intergenerational equity in climate policy," European Economic Review, Elsevier, vol. 69(C), pages 40-58.
    3. William Nordhaus, 2018. "Evolution of modeling of the economics of global warming: changes in the DICE model, 1992–2017," Climatic Change, Springer, vol. 148(4), pages 623-640, June.
    4. Geoffrey Heal, 2009. "Climate Economics: A Meta-Review and Some Suggestions for Future Research," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 3(1), pages 4-21, Winter.
    5. Robert S. Pindyck, 2013. "Climate Change Policy: What Do the Models Tell Us?," Journal of Economic Literature, American Economic Association, vol. 51(3), pages 860-872, September.
    6. Detlef Vuuren & Jae Edmonds & Mikiko Kainuma & Keywan Riahi & Allison Thomson & Kathy Hibbard & George Hurtt & Tom Kram & Volker Krey & Jean-Francois Lamarque & Toshihiko Masui & Malte Meinshausen & N, 2011. "The representative concentration pathways: an overview," Climatic Change, Springer, vol. 109(1), pages 5-31, November.
    7. Maximilian Auffhammer, 2018. "Quantifying Economic Damages from Climate Change," Journal of Economic Perspectives, American Economic Association, vol. 32(4), pages 33-52, Fall.
    8. Nordhaus, William, 2013. "Integrated Economic and Climate Modeling," Handbook of Computable General Equilibrium Modeling, in: Peter B. Dixon & Dale Jorgenson (ed.), Handbook of Computable General Equilibrium Modeling, edition 1, volume 1, chapter 0, pages 1069-1131, Elsevier.
    9. Jiang Zhu & Christopher J. Poulsen & Bette L. Otto-Bliesner, 2020. "High climate sensitivity in CMIP6 model not supported by paleoclimate," Nature Climate Change, Nature, vol. 10(5), pages 378-379, May.
    10. William Nordhaus, 2018. "Projections and Uncertainties about Climate Change in an Era of Minimal Climate Policies," American Economic Journal: Economic Policy, American Economic Association, vol. 10(3), pages 333-360, August.
    11. G. Cornelis van Kooten & Craig M.T. Johnston, 2016. "The Economics of Forest Carbon Offsets," Annual Review of Resource Economics, Annual Reviews, vol. 8(1), pages 227-246, October.
    12. van Kooten, G. Cornelis, 2020. "How effective are forests in mitigating climate change?," Forest Policy and Economics, Elsevier, vol. 120(C).
    13. KEVIN DAYARATNA & ROSS McKITRICK & DAVID KREUTZER, 2017. "Empirically Constrained Climate Sensitivity And The Social Cost Of Carbon," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 8(02), pages 1-12, May.
    14. Ross R. McKitrick & Timothy J. Vogelsang, 2014. "HAC robust trend comparisons among climate series with possible level shifts," Environmetrics, John Wiley & Sons, Ltd., vol. 25(7), pages 528-547, November.
    15. Armon Rezai & Frederick Van der Ploeg, 2016. "Intergenerational Inequality Aversion, Growth, and the Role of Damages: Occam's Rule for the Global Carbon Tax," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 3(2), pages 493-522.
    16. H. Svensmark & M. B. Enghoff & N. J. Shaviv & J. Svensmark, 2017. "Increased ionization supports growth of aerosols into cloud condensation nuclei," Nature Communications, Nature, vol. 8(1), pages 1-9, December.
    17. William Nordhaus, 2019. "Climate Change: The Ultimate Challenge for Economics," American Economic Review, American Economic Association, vol. 109(6), pages 1991-2014, June.
    18. Johnston, Craig M.T. & Cornelis van Kooten, G., 2015. "Back to the past: Burning wood to save the globe," Ecological Economics, Elsevier, vol. 120(C), pages 185-193.
    19. Robert S. Pindyck, 2017. "The Use and Misuse of Models for Climate Policy," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 11(1), pages 100-114.
    20. Pretis, Felix, 2020. "Econometric modelling of climate systems: The equivalence of energy balance models and cointegrated vector autoregressions," Journal of Econometrics, Elsevier, vol. 214(1), pages 256-273.
    21. William D. Nordhaus, 2017. "Evolution of Assessments of the Economics of Global Warming: Changes in the DICE model, 1992 – 2017," NBER Working Papers 23319, National Bureau of Economic Research, Inc.
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    Keywords

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    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • F64 - International Economics - - Economic Impacts of Globalization - - - Environment
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies

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