In this chapter, Roos and Hoffart provide a formal exposition of William D. Nordhaus’ DICE model. The DICE model is the workhorse model in mainstream climate economics. It triggered a lot of research, is used as a canonical model in teaching and is also the basis for policy recommendation. Especially the social cost of carbon, which can be calculated with models of the DICE type, plays an important role in climate policy, because the social cost of carbon is an estimation of the optimal carbon price. The authors discuss some extensions of the DICE model in the current literature and explain in which sense the DICE model represents economic mainstream thinking.