The DICE model (Dynamic Integrated model of Climate and the Economy) is a simplified analytical and empirical model that represents the economics, policy, and scientific aspects of climate change. Along with its more detailed regional version, the RICE model (Regional Integrated model of Climate and the Economy), the models have gone through several revisions since their first development around 1990.
- William Nordhaus, Yale University
The Climate Framework for Uncertainty, Negotiation and Distribution (FUND) is a so-called integrated assessment model of climate change. FUND was originally set-up to study the role of international capital transfers in climate policy, but it soon evolved into a test-bed for studying impacts of climate change in a dynamic context, and it is now often used to perform cost-benefit and cost-effectiveness analyses of greenhouse gas emission reduction policies, to study equity of climate change and climate policy, and to support game-theoretic investigations into international environmental agreements.
- Richard Tol
Policy Analysis of the Greenhouse Effect (PAGE) projects future increases in global mean temperature (GMT), the economic costs of damages caused by climate change, the economic costs of mitigation policies, and the overall image of adaptation measures (including costs of adaptation measures and reduction in damage costs that results from adaptation).
- Chris Hope, Cambridge University
REACT – Reinsurance Event Attributed Carbon Tax
Reinsurance Event Attributed Carbon Tax model is a quantitative model that predicts future costs of carbon by attributing the proportion of reinsurance loss and damage arising from anthropogenic climate change arising from greenhouse gas emissions.
- Richard H. Clarke, Predict Ability Ltd.
US Social Cost of Carbon (SC-CO2)
EPA and other federal agencies use the social cost of carbon (SC-CO2) to estimate the climate benefits of rulemakings. The SC-CO2 is an estimate of the economic damages associated with a small increase in carbon dioxide (CO2) emissions, conventionally one metric ton, in a given year. This dollar figure also represents the value of damages avoided for a small emission reduction (i.e., the benefit of a CO2 reduction).
The three integrated assessment models used by the U.S. government to estimate theSC-CO2 are DICE, FUND, and PAGE.
- Interagency Working Group on Social Cost of Carbon, United States Government