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

Author

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  • Lint Barrage

    (ETH Zurich)

  • William Nordhaus

    (Cowles Foundation, Yale University)

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 significant reduction in the target for the optimal (cost-beneficial) temperature path, 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 Nordhaus, 2023. "Policies, Projections, and the Social Cost of Carbon: Results from the DICE-2023 Model," Cowles Foundation Discussion Papers 2363, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:2363
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    File URL: https://cowles.yale.edu/sites/default/files/2023-06/d2363.pdf
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    Cited by:

    1. Casey, Gregory & Fried, Stephie & Gibson, Matthew, 2024. "Understanding climate damages: Consumption versus investment," European Economic Review, Elsevier, vol. 167(C).
    2. Mathieu Guigourez, 2023. "10$ a ton of carbon ? The Stern-Nordhaus Controversy : Methodological and Ethical Issues [10$ la tonne de carbone ? La controverse Stern-Nordhaus : enjeux méthodologiques et éthiques]," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-04161930, HAL.
    3. repec:hal:cesptp:hal-04872596 is not listed on IDEAS

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