A journal article by William Nordhaus on the critical role of the social cost of carbon (SCC) in determining climate change economics and policies. This paper estimates the SCC using the Dynamic Integrated model of Climate and the Economy (DICE model).Ā
Students will understand the application of the DICE model to calculate the SCC in the development of climate change policies. They will also learn how the SCC is central in climate change regulatory policies.
Use this tool to help your students find answers to:Ā
āThe most important single economic concept in the economics of climate change is the social cost of carbon (SCC).ā Discuss.Ā Ā
Describe the DICE model and its application in determining the SCC.
How does the SCC affect the economic growth of a country? Explain through examples
About the ToolĀ
Tool Name
Revisiting the social cost of carbon
Discipline
Economics
Topic(s) in Discipline
Social Cost of Carbon, DICE model, Climate Change Policy, Climate Economics, Economic Policy, Econometrics
Climate Topic
Energy, Economics and Climate Change
Type of Tool
Reading
Grade Level
Undergraduate, Graduate
Location
Ā Global
Language
English
Translation
ā
Developed by
William D. Nordhaus (Yale University)
Hosted at
Proceedings of the National Academy of Sciences of the United States of AmericaĀ
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