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Volume 14  Number 2  •  Fall 2009
All Issues:  

Rolling the DICE
William Nordhaus’s Dubious Case for a Carbon Tax
By Robert P. Murphy
This article appeared in the Fall 2009 issue of The Independent Review

The case for adopting a carbon tax to curb global warming is weaker than most economists and scientists assume. One reason is that William Nordhaus’s influential DICE model, far from producing a reliable estimate of an “optimal” carbon tax, yields vastly different results depending on which numerical estimates are plugged into it.

 PDFRead the Full Article (PDF, 21 pages)

Other Independent Review articles by Robert P. Murphy
    Summer 2006   The Limits of Market Organization

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