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1 1 (July 29, 2020)

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Key Points

     V-fiarnr 'D.  itordhu-, Jl ,auis g receivedr the 201 oIobe! Prze n t co:i :argelyi..
     ru-cogrnitin -of hK] N regul-ed assessnrdr t mpodei of toe s,:lern:e and c ooc Ot.DPiSof CMtD{ie
       p C cfi ei;!. C. 0tH i10(   3''>- DIL rfco OIL --I>: -<- ai   th  >  U -Hr >5
     po:-does, :. idel >11 ttack fr te e5>1ro--lipeftal neot, 'JlrXot -cptaisly .be- acke thf


     mea-: AWYil - '-;:f>I    ILericn an_1:FO4-r fa- ca-no- a a;--  chaven byciv t-
     m(..odels that have ci tthe cast rnd rese L poory  e  tet ud  ..io t9 ,t

     re d eepO y du d os. i hc-e assertos met cui enti> withhe evid en:e, a -3I th! :i Ws'
     policy prescrp-n ave been based i0 pinrt o  4: p tjro: ow (o- oi d scot- p

     in-corporae the i ckre  s -4 KutAre genertyr : ion..s, l-il tg:eIse :- is:(i recit.
     The p:Focoferts of t21 3!3- ste . -Lack -'ss  fossil      tjiueis ar- Jver by ai ipertive
     -nmos-_ en-rl  d o:gc,:   [,t   l.e  ~h?  ?VrFc  n cience  exp::ains w hy a
     -Ate-mt ecirely deck iic2  T Iitdhat fr..ert  renc OFh(seliet   t
     dedi- -te(A scK-abr lc iv,- NO-a18au1165~d iiifl  Lti:Jc at-Lack


    retntci'ved the aoi8 Nobel Fdzn in ec-,nortmics
lNrgdy in recontio. of his eC0mO.C n-aysis of
clinate polic---in paar/cu.r the devclopme rt anld
appi-cation of tic Dy.,t'tic Intert-ed, clinrc-
Eam.'coomy (DICE) modeL--WHIM~~ 1. Nor:dh'.aus
i-c.o is -fLader attack o  the ei itar, LoN - 'ta-

   This cncrging cr1iicism of N ordlus' 3,.,h't1
tanew    is c t> iouv s -, t a  -kifl.fltt.,. Atte. nll, if it
n0ot Hiire study  and aimi-h. --sis ---.-nor science ....
tlhat t2e popone..ts -t t crisis iew of cli m;are
poiv-z seck.r T1a short ansWcr to tl.at qu-sion: dccId-
eWiy .ot,- N, r.-hauias' w-'is a  cfuli 2id aet-ile?
Like -ny serious body of nalysis. it mises more
qiuestions than it    I3, Ker--  Ls g'od reason
for oxamnplr-, to question see.-ci i of 1he unrflr>ng
3fsslmptio,s -and DICE can be crticzed o. nse vera


nionts'3. he s-me Is ti HIL r rN oriha> palic ,
ment ii, fnvor of a, carbon t-c or oth .r suoc Pricing
policies, a policy   1puon much more qucstion-
ab- than ofte nsertcd.cc  [Bt Nord'.w'.a  abso.i-tc
flO~r-il, 3111 1 ,] iOOtS nppD  rK  10 r-~ 0: ( C'flOf¢1 >[it t]j
a;rc beyovnl cel-r acb, whic i  o:3 g ealtfli reason
that . now is unde: attack e  though ht favos
s\uc. pollcies .s the -ais agre-rio-t to .reduc
gircn'lolit - as ('.HG- e.nnissions, w-i t ariff's to bc
imposed on n1,(1,ns not paf.('tiipa:,00-'
   F, or reasons strnmarizcd below. N ordhaus ar--
tnint ii ro: Ks bi -e '-to 1 13' :i mateI : k crt  C Onft.'c
the Paris i.3emet        .         prov   workabhlc
Bur that is:t n : 1 he 1 erthal issue bore. Insted,
No  ]-taiPs -----by  no  - ii o- f thn e  i .tl- 3, d  i-iate
polici sk-ept---i  une   a1tack moc centrally

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