Impact of COVID-19 type events on the economy and climate under the stochastic DICE model

Our student populations' diversity now includes more than just African Americans, Native Americans, Latinos. We are now more representative of a wider range of cultural backgrounds. This shift brings fresh challenges of educator unpreparedness to identify with the unique cultures of international students. The cultural dissonance that international students face compounds this challenge. The cultural unawareness and misconceptions may be generated from both educators and students. The DICE model is inspired by an extensive review of the literature and a qualitative case study methods application. It is a process of fostering global cultural empathy and preparedness of educators by linking such preparedness to evaluating negative attitudinal influences that may block people from changing their thinking, which in turn will negatively impact global empathy preparedness. This is a valid linkage given the influence culture has on attitudes and vice versa and is true in the context of developing global empathy.

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EMPIRICALLY CONSTRAINED CLIMATE SENSITIVITY AND THE SOCIAL COST OF CARBON

Climate Change Economics ◽

10.1142/s2010007817500063 ◽

2017 ◽

Vol 08 (02) ◽

pp. 1750006 ◽

Cited By ~ 3

Author(s):

KEVIN DAYARATNA ◽

ROSS McKITRICK ◽

DAVID KREUTZER

Keyword(s):

Climate Sensitivity ◽

Integrated Assessment ◽

Social Cost ◽

Climate Model ◽

Temperature Response ◽

Social Cost Of Carbon ◽

Ocean Heat Uptake ◽

Monte Carlo Experiments ◽

The Social ◽

Dice Model

Integrated Assessment Models (IAMs) require parameterization of both economic and climatic processes. The latter includes Equilibrium Climate Sensitivity (ECS), or the temperature response to doubling CO2 levels, and Ocean Heat Uptake (OHU) efficiency. ECS distributions in IAMs have been drawn from climate model runs that lack an empirical basis, and in Monte Carlo experiments may not be constrained to consistent OHU values. Empirical ECS estimates are now available, but have not yet been applied in IAMs. We incorporate a new estimate of the ECS distribution conditioned on observed OHU efficiency into two widely used IAMs. The resulting Social Cost of Carbon (SCC) estimates are much lower than those from models based on simulated ECS parameters. In the DICE model, the average SCC falls by approximately 40–50% depending on the discount rate, while in the FUND model the average SCC falls by over 80%. The span of estimates across discount rates also shrinks substantially.

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Evolution of Modeling of the Economics of Global Warming: Changes in the Dice Model, 1992-2017

SSRN Electronic Journal ◽

10.2139/ssrn.2931090 ◽

2017 ◽

Author(s):

William D. Nordhaus

Keyword(s):

Global Warming ◽

Dice Model

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Dynamic integrated cost and engineering (DICE) model and its applicability to ATP systems

10.1117/12.210447 ◽

1995 ◽

Author(s):

Douglas V. LaMont ◽

Brian J. Benjamin

Keyword(s):

Integrated Cost ◽

Dice Model

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Projections and Uncertainties about Climate Change in an Era of Minimal Climate Policies

American Economic Journal Economic Policy ◽

10.1257/pol.20170046 ◽

2018 ◽

Vol 10 (3) ◽

pp. 333-360 ◽

Cited By ~ 41

Author(s):

William Nordhaus

Keyword(s):

Climate Change ◽

Integrated Assessment ◽

Carbon Price ◽

International Agreements ◽

Future Climate Change ◽

Climate Change Policies ◽

Climate Policies ◽

Near Term ◽

Dice Model ◽

Over Time

Climate change remains one of the major international environmental challenges facing nations. Up to now, nations have adopted minimal policies to slow climate change. Moreover, there has been no major improvement in emissions trends as of the latest data. The current study uses the updated DICE model to develop new projections of trends and impacts of alternative climate policies. It also presents a new set of estimates of the uncertainties about future climate change and compares the results with those of other integrated assessment models. The study confirms past estimates of likely rapid climate change over the next century if major climate-change policies are not taken. It suggests that it is unlikely that nations can achieve the 2°C target of international agreements, even if ambitious policies are introduced in the near term. The required carbon price needed to achieve current targets has risen over time as policies have been delayed. (JEL Q54, Q58)

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William D. Nordhaus Managing the Commons: The Economics of Climate Change, Cambridge, MA, The MIT Press, 1994, ISBN 0-262-140551-1

Environment and Development Economics ◽

10.1017/s1355770x00000735 ◽

1996 ◽

Vol 1 (3) ◽

pp. 381-384 ◽

Cited By ~ 4

Author(s):

Robert Costanza

Keyword(s):

Climate Change ◽

Sensitivity Analysis ◽

Parameter Uncertainty ◽

Decision Process ◽

Value Of Information ◽

Economic Systems ◽

Agricultural Systems ◽

The Commons ◽

Dice Model ◽

Large Sections

William Nordhaus has gone further than any economist to date at building a dynamic integrated model of the world’s climate and economic systems, with some one-way linkages to agricultural systems and ecosystems. Managing the Commons is an admirably readable description of this effort which, in his words, ‘balances the costs of emissions controls in energy policies and other areas against the impacts to agriculture, coastlines, and ecosystem values’. In addition to a detailed description of the Dynamic Integrated Climate and the Economy (DICE) model and several scenarios produced by the model, the book includes large sections on sensitivity analysis of the model’s parameter uncertainty and an analysis of the value of information gained at various times in the future to the decision process.

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