DICE Simplified

Masako Ikefuji*, Roger J.A. Laeven, Jan R. Magnus, Chris Muris

*Corresponding author for this work

Research output: Contribution to JournalArticleAcademicpeer-review

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Abstract

We analyze Nordhaus’ DICE model and show that the temperature and CO2 equations are needlessly complicated and can be simplified without loss of essence. In addition, we argue that the damage function can be altered in such a way that it lends itself to experiments involving extreme risk. We conclude that, within the philosophy of the DICE model, significant simplifications can be made which make the model more transparent, more robust, and easier to apply.

Original languageEnglish
Pages (from-to)1-12
Number of pages12
JournalEnvironmental Modeling and Assessment
Volume26
Issue number1
Early online date9 Nov 2020
DOIs
Publication statusPublished - Feb 2021

Keywords

  • Climate change
  • Damage function
  • DICE model
  • Integrated assessment model
  • Optimal policy

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