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Economy-Wide Modeling of Water at Regional and Global Scales (Hardcover, 1st ed. 2019)
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Economy-Wide Modeling of Water at Regional and Global Scales (Hardcover, 1st ed. 2019)
Series: Advances in Applied General Equilibrium Modeling
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This book deals with the economic modelling of water at the global,
national and sub-national levels. It presents a multi-faceted
analysis and, while it outlines the theories behind various models,
its main purpose is to analyse policy issues and present insights
arising from modelling, including a chapter analysing the
macroeconomic implications of climate change. Arguably the most
compelling reason for publishing a book on the economic modelling
of water arises from the fact that agriculture accounts for
approximately 70% of water used for economic purposes, while only
contributing 4% of global income. Given that water is an essential
commodity, this discrepancy may in part be symptomatic of an
undervaluation of water due to immature and incomplete markets. In
turn, this undervaluation has led to an ongoing misallocation of
water. When economic models include water accounts that feed into
production functions, they model impacts on the marginal product of
water. Policies that improve the link between the marginal product
and price of water will improve water allocation, while advanced
economic models such as those presented here can enhance our
ability to explore the possible impacts of improved policy.
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