Yale economist and 2018 Nobel laureate William Dawbney Nordhaus passed away at age 85 on 30 October 2026 in New Haven, Connecticut. Jointly awarded the 2018 Nobel Memorial Prize in Economic Sciences with Paul M. Romer for weaving climate change into long-term macroeconomic modelling, Nordhaus pioneered the DICE and RICE assessment models and championed carbon pricing.
Key Facts
William Dawbney Nordhaus (born: 31 May 1941, Albuquerque) passed away on 30 October 2026 at age 85 in New Haven, Connecticut, USA.
Nobel Prize (2018): Jointly awarded the Sveriges Riksbank Prize in Economic Sciences with Paul M. Romer 'for integrating climate change into long-run macroeconomic analysis'.
Key Contributions: Developed the DICE (Dynamic Integrated Climate-Economy) and RICE (Regional Integrated Climate-Economy) models, advocated carbon taxation, and proposed the 'Climate Club' concept.
Other Honours & Roles: Received the 2017 BBVA Foundation Frontiers of Knowledge Award; served on the US President's Council of Economic Advisers (1977–79) and as Yale University Provost (1986–88).
GK Context
Nordhaus's DICE model became: a foundational tool for estimating the Social Cost of Carbon (SCC) worldwide.
Static GK
Sveriges Riksbank Prize in Economic Sciences: Established in 1968 and first awarded in 1969 (Ragnar Frisch & Jan Tinbergen).
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Critically evaluate the contribution of Integrated Assessment Models (IAMs) and carbon taxation in bridging economics and climate policy, with reference to the contributions of William Nordhaus.
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