IA models have frequently been used to calculate social costs of carbon and a very wide
range of estimates for this quantity exists in the literature. Hence this project details the
assumptions and data lying behind the assessment of climate change damage in four well
known IA models: RICE/DICE, MERGE, PAGE and FUND. Graphics showing how
monetized and non-monetized damages vary with temperature in the various models are
also provided. The project also assesses how functions vary with socioeconomic
scenario and how they handle adaptation. Finally, a comparison is made with the outputs
of the parallel report Understanding the Regional Impacts of Climate Change.