Warming the World: Economic Models of Global Warming

Warming the World: Economic Models of Global Warming

by William D. Nordhaus, Joseph Boyer

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Overview

Warming the World: Economic Models of Global Warming by William D. Nordhaus, Joseph Boyer

Humanity is risking the health of the natural environment through a myriad of interventions, including the atmospheric emission of trace gases such as carbon dioxide, the use of ozone-depleting chemicals, the engineering of massive land-use changes, and the destruction of the habitats of many species. It is imperative that we learn to protect our common geophysical and biological resources. Although scientists have studied greenhouse warming for decades, it is only recently that society has begun to consider the economic, political, and institutional aspects of environmental intervention. To do so raises formidable challenges of data modeling, uncertainty, international coordination, and institutional design.

Attempts to deal with complex scientific and economic issues have increasingly involved the use of models to help analysts and decision makers understand likely future outcomes as well as the implications of alternative policies. This book presents in detail a pair of models of the economics of climate change. The models, called RICE-99 (for the Regional Dynamic Integrated model of Climate and the Economy) and DICE-99 (for the Dynamic Integrated Model of Climate and the Economy) build on the authors' earlier work, particularly their RICE and DICE models of the early 1990s. They can help policy makers design better economic and environmental policies.

Product Details

ISBN-13: 9780262140713
Publisher: MIT Press
Publication date: 08/18/2000
Pages: 244
Product dimensions: 5.75(w) x 8.75(h) x 0.60(d)

About the Author

William D. Nordhaus is Sterling Professor of Economics at Yale University.

Joseph Boyer is an Associate in Research at Yale University.

Table of Contents

List of Tables
vii
List of Figures
ix
Preface xi
I Developing the RICE and DICE Models 1(118)
Introduction
3(6)
The Structure and Derivation of RICE-99
9(18)
Overview of Approach
9(1)
Model Description
10(4)
Derivation of the Equations of RICE-99
14(10)
Equilibrium in the Market for Carbon-Energy
24(1)
Policy in RICE-99
24(3)
Calibration of the Major Sectors
27(42)
Regional Specification
27(14)
Calibration of Production Function
41(5)
Exogenous Trend Parameters
46(7)
Carbon Supply
53(3)
The Carbon Cycle and Other Radiative Forcings
56(6)
The Climate Module
62(7)
The Impacts of Climate Change
69(30)
Early Impact Studies
69(2)
The Present Approach
71(3)
Discussion of Individual Sectors
74(15)
Impact Indices as Functions of Temperature
89(5)
Calibration of the RICE-99 Damage Function
94(1)
Major Results and Conclusions
95(4)
The DICE-99 Model
99(8)
Model Structure
99(2)
Calibration
101(6)
Computational Procedures
107(12)
Computer Programs for RICE and DICE
107(1)
Solution Approach in EXCEL---RICE-99
107(2)
Solution Approach in GAMS---RICE-99
109(5)
DICE
114(1)
GAMS versus EXCEL
114(5)
II Policy Applications of the RICE Model 119(60)
Efficient Climate-Change Policies
121(24)
Alternative Approaches to Climate-Change Policy
121(2)
Detailed Description of Different Policies
123(4)
Major Results
127(18)
Economic Analysis of the Kyoto Protocol
145(24)
Climate-Change Policy and the Kyoto Protocol
145(2)
Economic Analysis of the Kyoto Protocol
147(2)
Major Results
149(17)
Findings and Conclusions
166(3)
Managing the Global Commons
169(10)
Background
169(1)
Summary of the Model and Analysis
170(4)
Major Results
174(2)
Analysis of the Kyoto Protocol
176(2)
Concluding Thoughts
178(1)
Appendix A: Equations of RICE-99 Model 179(2)
Appendix B: Equations of DICE-99 Model 181(2)
Appendix C: Variable List 183(6)
Appendix D: GAMS Code for RICE-99, Base Case and Optimal Case 189(18)
Appendix E: GAMS Code for DICE-99 207(10)
References 217(10)
Index 227

What People are Saying About This

Kenneth J. Arrow

In Warming the World, Nordhaus and Boyer have brought the latest developments in the fields into dynamic models for evaluating the consequences of global warming due to human causes. In particular, they have incorporated more sophisticated analysis of the changes in greenhouse gas concentrations and the latest evidence on the damage caused by global warming. Any serious analyst or policymaker must start with the analysis of this book.

Dale W. Jorgenson

This book is essential reading for anyone engaged in research on the economics of climate change. Nordhaus commands this important field.

Endorsement

Nordhaus, a distinguished economist, has been engaged with the greenhouse issue for more than twenty years. He is the dean of the optimization modellers. Here is his latest version, in crisp English and transparent mathematics. You cannot do better.

Thomas C. Schelling, School of Public Affairs, University of Maryland

From the Publisher

" Warming the World should be required reading for policy makers,politicians, environmentalists, and the concerned public." Thomas Gale Moore Journal of Political Economy

The MIT Press

Robert M. Solow

This is the most important and comprehensive analysis so far of the economic consequences and policy implications of climate change. The results are always interesting sometimes surprising. A further research agenda opens up.

Thomas C. Schelling

Nordhaus, a distinguished economist, has been engaged with the greenhouse issue for more than twenty years. He is the dean of the optimization modellers. Here is his latest version, in crisp English and transparent mathematics. You cannot do better.

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