July 24, 2021

William Nordhaus, "Fronteras del Conocimiento" Award of the BBVA Foundation in June

William Nordhaus, "Fronteras del Conocimiento" Award of the BBVA Foundation in June



The Royal Swedish Academy of Sciences has recognized William Nordhaus, professor at Yale University, and also to the professor at the University of New York, Paul Romer, with the Nobel Prize in Economics this Monday. The fact that Nordhaus is awarded the BBVA Foundation "Frontiers of Knowledge 2017" Award in the category of Climate Change.

Nordhaus was recognized in the tenth edition of these awards for founding the field of climate change economics developing "in a pioneering way" -according to the minutes of the jury- "a model that integrates the contributions of climate science, technology and economics to answer the question: What should the world do to put limits on climate change? "

As the jury minutes stated at that time, the Nordhaus model, called DICE (acronym for Dynamic Integrated Climate-Economy model) and its revised version that incorporates the regionalized approach (RICE), have become a tool «Widely used» to determine the costs and benefits of reducing emissions. A pioneer in this field, in which he began to investigate in 1975, now there are numerous economists around the world who develop and compare their models, with conclusions

"Nordhaus has used its model and knowledge of economics to assess future damage due to climate change, the risk of catastrophic damage or the role of technological change in the energy system », the minutes pointed. "Due to the transparency and simplicity of its approach, Nordhaus models are used around the world to analyze climate policies," he added.

Nordhaus said upon receiving this recognition that its models "try to represent all the fundamental relationships between economy and climate in the simplest way possible: variables such as population, GNP, carbon emissions and climate change ». All this through ecucaciones that represent the relationship between the population and economic growth on the one hand, and emissions of gases and climate change, on the other.

«It took me a long time to develop DICE because it was necessary to find and put together all the pieces ofste complicated puzzle, so that it could be analyzed with the software of a computer and obtain results ", concluded the now Nobel Prize.


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