Technical Information on the DICE Model

The DICE (Dynamic Integrated Model of Climate and the Economy) model is an optimal-growth model of the global economy that can be used to assess different policy options for reducing greenhouse gas emissions. In the DICE model, the world is treated as a single producer-consumer making choices between consumption, rate of investment in capital, and reductions in the rate of greenhouse gas emissions (see Nordhaus 1992). The model contains an economic and a climate component, and all greenhouse gases are included as carbon dioxide equivalents.

The model was developed in the early 1990s by William D. Nordhaus at Yale University. Two variants of the DICE model have been developed in recent years--RICE and PRICE. The RICE (Regional Integrated Model of Climate and the Economy) model utilizes multiple regions to model the world economy, and the PRICE (Probabilistic Integrated Model of Climate and the Economy) model includes a more complete treatment of uncertainties.

In this guide, the following topics are covered in detail:

• DICE Model: Extensive documentation for the DICE model.
• RICE Model: Documentation for the RICE model, a variation of the DICE model.
• PRICE Model: Documentation for the PRICE model, a variation of the DICE model.
• Background and Review: Background material related to the DICE model and the economics of global warming.

Sources

Nordhaus, William D. 1992. An optimal transition path for controlling greenhouse gases. Science 258: 1315-1319.

Nordhaus, William D. 1994. Managing the Global Commons: The Economics of Climate Change. Cambridge: MIT Press.

Suggested Citation

Consortium for International Earth Science Information Network (CIESIN). 1996. DICE Model Guide [online]. University Center, Mich.
CIESIN URL: http://sedac.ciesin.org/mva/DICE/DICEHP.html

Acknowledgement

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