Three of the better-known IAMs for climate change policy are DICE (William Nordhaus), FUND (Richard Tol), and
Question:
Three of the better-known IAMs for climate change policy are DICE (William Nordhaus), FUND (Richard Tol), and PAGE (Chris Hope). Greenstone et al. (2013) and the references contained therein (see in particular Mastrandrea, 2009) present various summaries of the features of these models. Key assumptions in climate IAMs include the climate response (how changes in CO2 stocks affect temperature and other climate variables), the structure of the damage function, the potential for adaptation, and discounting. Using overview and/or technical literature, compare and contrast these the IAMs along these dimensions, and any others you think are important, and comment on how they condition typical predictions from the model.
Step by Step Answer:
A Course In Environmental Economics
ISBN: 9781316866818
1st Edition
Authors: Daniel J Phaneuf, Till Requate