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Risk of multiple interacting tipping points should encourage rapid CO2 emission reduction
Evidence suggests that several elements of the climate system could be tipped into a different state by global warming, causing irreversible economic damages. To address their policy implications, weExpand
DSICE: A Dynamic Stochastic Integrated Model of Climate and Economy
This paper introduces a dynamic stochastic integrated model of climate and economy (DSICE), and a numerical dynamic programming algorithm for its solution. Expand
Stochastic integrated assessment of climate tipping points indicates the need for strict climate policy
Analysis of the uncertainty associated with the timing of climate tipping points suggests that carbon taxes need to be increased by a minimum of 50%. If considering a rapid, high-impact tippingExpand
The Social Cost of Stochastic and Irreversible Climate Change
There is great uncertainty about the impact of anthropogenic carbon on future economic wellbeing. We use DSICE, a DSGE extension of the DICE2007 model of William Nordhaus, which incorporates beliefsExpand
The Social Cost of Carbon with Economic and Climate Risks
Uncertainty about future economic and climate conditions substantially affects the choice of policies for managing interactions between the climate and the economy. We develop a framework of dynamicExpand
Continuous-Time Methods for Integrated Assessment Models
Continuous time is a superior representation of both the economic and climate systems that Integrated Assessment Models (IAM) aim to study. Moreover, continuous-time representations are simple toExpand
Environmental tipping points significantly affect the cost−benefit assessment of climate policies
Significance Most current cost−benefit analyses of climate change suggest global climate policy should be relatively weak. However, relatively few studies account for the market or nonmarket impactsExpand
Stochastic integrated assessment of climate tipping points calls for strict climate policy
Supplementary Methods: Description of DSICE Differences in DICE-2013 Calibration of the Hazard Rate Supplementary Results: Comparison of DSICE with MAGICC6 using RCP scenarios DSICE model (defaultExpand
A nonlinear programming formulation is introduced to solve infinite-horizon dynamic programming problems. Expand