Computational Economics

Congratulations to the RCC and Director Birali Runesha!

Today I received an email from the University of Chicago Research Computing Center entitled “Celebrating Ten Years”. The RCC Director is Birali Runesha whose welcome describes its goals. I want to extend my congratulations to RCC and Birali for their excellent work over the past ten years. I was a frequent visitor at the University …

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JPE does not want papers written for “smart people”

Cai, Lontzek and I submitted our paper on the social cost of carbon in November, 2012, and received referee reports and a revision request from Monika Piazessi, the JPE editor handling the submission, in November, 2013. A couple of months later, we met with her to discuss the revision. In particular, I wanted to explain …

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An Example of the “Tyranny of the Top Five”

In December, 2019, JPE published “The Social Cost of Carbon with Economic and Climate Risks”, a paper I wrote with Yongyang Cai and Thomas Lontzek. I am not listed as an author but the first footnote states that I was a co-author. The history behind that fact is an example of the “tyranny of the …

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DSICE: Dynamic Stochastic Integration of Climate and Economy

I started working on climate change policy modeling in 2008, and it has been a major focus of my efforts since then. In 2010, Yongyang Cai, Thomas Lontzek and I created the DSICE model, extending Nordhaus’ DICE to include productivity shocks as well as stochastic elements of the climate system. While we had earlier published …

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