Skip to content Skip to navigation

Academic Events

Nobel Prize Winning DICE/RICE Model——Their Structures and Applications

On June 24, 2019, Professor Zili Yang was invited by Professor Lixin Tian of the Academy of Mathematical Sciences to come to Nanjing Normal University for academic exchanges and to give an academic report at Xingjianlou 526 ,which named “Nobel Prize Winning DICE/RICE Model——Their Structures and Applications ". Professor Zili Yang is a professor of economics at the State University of New York at Binghamton and a Ph.D. in economics at Yale University. He is mainly engaged in research in resource and environmental economics, energy economics, climate change economics, and applied game theory. In collaboration with William.D.Nordhaus, a professor of Yale University, winner of the 2018 Nobel Prize in Economic Science, the Global Climate Change Assessment Model (RICE model) was developed and published in key journals such as the American Economic Review.

The important climate change assessment model of the DICE/RICE model still affects climate change assessment related research to this day. As a Ph.D. student at William.D.Nordhaus, and the only major collaborator on DICE/RICE modeling at the time, Professor Zili Yang in the lecture first introduced the influence and background of the DICE/RICE model , his construction with the DICE/RICE model and anecdote in that time . He said that model building should be based on model optimization, apply to multiple climates, and be highly transparent and concise. The DICE model and the RICE model are global and regional, respectively. The DICE model consists of two parts: the economic model (the solow optimal growth model) and the climate model (the "box" model). Under the theoretical assumption, the economic model is associated with the climate model to obtain the optimal solution. The RICE model divides the world into six regional studies. For the local region, the Nash equilibrium solution obtained by the RICE model is an open-loop differential game in the external environment and is an invalid non-cooperative solution. This is the difference between the two, but the two are also related. The DICE model is a weighted summation of the RICE model. In the end, Professor  Zili Yang elaborated the conclusions and applications of the model.

Professor Zili Yang explained the core content of the DICE/RICE model in a simple and easy-to-understand language, and everyone benefited a lot.