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By William D. Nordhaus

Humanity is risking the overall healthiness of the usual atmosphere via a myriad of interventions, together with the atmospheric emission of hint gases comparable to carbon dioxide, using ozone-depleting chemical substances, the engineering of big land-use alterations, and the destruction of the habitats of many species. it truly is central that we learn how to safeguard our universal geophysical and organic assets. even supposing scientists have studied greenhouse warming for many years, it's only lately that society has started to think about the commercial, political, and institutional facets of environmental intervention. to take action increases bold demanding situations of information modeling, uncertainty, foreign coordination, and institutional layout. makes an attempt to house advanced clinical and fiscal matters have more and more concerned using types to aid analysts and choice makers comprehend most probably destiny results in addition to the results of other rules. This publication provides intimately a couple of types of the economics of weather swap. The types, referred to as RICE-99 (for the local Dynamic built-in version of weather and the economic system) and DICE-99 (for the Dynamic built-in version of weather and the economic climate) construct at the authors' past paintings, quite their RICE and cube types of the early Nineteen Nineties. they could support coverage makers layout larger financial and environmental rules.

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The current RICE-99 and DICE-99 models do not include backstop technologies. Omitting a backstop technology implies that the price of carbon energy can rise to extremely high levels in the future; that also implies that the current Hotelling rent will be high relative to the with backstop model and that emissions in the RICE-99 model are therefore somewhat lower than in a model with a backstop technology. Experiments indicate that the effect of adding a backstop technology is relatively small over the next century and not worth the additional complexity.

Weighted by 1995 population. S. S. dollars. The levels of output are calculated to be substantially higher for low-income countries and lower for Japan and Europe if purchasing power parity (PPP) exchange rates are used. Historical growth rates using PPP exchange rates are not available for most countries. 2 Growth in per capita output [the coefficient AJ(0) in the production function] is described above. The initial rate of productivity growth is chosen so that growth between the first and second periods in per capita output matches the assumed rates.

Policy in RICE-99 Policymakers (or modelers analyzing policy) can use either carbon taxes or emissions permits as the instrument of policy in RICE-99. In practice, there are many ways to accomplish these indirectly or in combination. 19) says that a policymaker can view either the carbon tax in each trading bloc or the total emissions permits allocated to each trading bloc as a policy variable. If the policymaker specifies the total The Structure and Derivation of RICE-99 25 permits for a trading bloc, then the carbon tax is determined by the necessity to equate demand and supply.

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