Lecture_22 - Todays outline Application: Nordhauss research...

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Unformatted text preview: Todays outline Application: Nordhauss research on the economics of global warming Economic Models of Global Warming and Climate Policy Three economic models: (1) Hotelling Model of an Environmental Stock Constraint (2) Dynamic Efficiency (3) Dynamic Efficiency with Stock Constraint [Combines (1) and (2)] Nordhaus and Boyer, Warming the World: Economic Models of Global Warming Two macroeconomic growth models: DICE Dynamic Integrated model of Climate and the Economy RICE Regional Integrated model of Climate and the Economy-- Like DICE, only disaggregated to countries and regions of the world Global Warming Damage Cost Function Context: IPCC report on climate change impacts Details of the Nordhaus cost function Last Fridays IPCC report Nordhaus damage cost function Damage costs are increasing in temperature change (T); quadratic function in T RICE model D J (t) = 1,J T(t) + 2,J T(t) 2 DICE model D(t) = 1 T(t) +...
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This note was uploaded on 04/03/2008 for the course ECON 472 taught by Professor Moore during the Winter '08 term at University of Michigan.

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Lecture_22 - Todays outline Application: Nordhauss research...

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