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Science 20 November 1992:
Vol. 258. no. 5086, pp. 1315 - 1319
DOI: 10.1126/science.258.5086.1315
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Articles

An Optimal Transition Path for Controlling Greenhouse Gases

William D. Nordhaus 1

1 A. Whitney Griswold Professor of Economics and on the staff of the Cowles Foundation, Yale University, Box 1972 Yale Station, New Haven, CT 06520

Designing efficient policies to slow global warming requires an approach that combines economic tools with relations from the natural sciences. The dynamic integrated climate-economy (DICE) model presented here, an intertemporal general-equilibrium model of economic growth and climate change, can be used to investigate alternative approaches to slowing climate change. Evaluation of five policies suggests that a modest carbon tax would be an efficient approach to slow global warming, whereas rigid emissions- or climate-stabilization approaches would impose significant net economic costs.


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