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Toward the full implementation of the water-energy-food nexus in computable general equilibrium modelling: methods and macroeconomic implications

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  • Elisa Bardazzi
  • Gabriele Standardi
  • Francesco Bosello
  • Ramón E. Key Hernández

Abstract

This paper contributes to the advancement of Computable General Equilibrium (CGE) modelling in addressing the Water-Energy-Food (WEF) Nexus. As such, it introduces water resources as a production factor for both the energy sector and irrigated agriculture, as well as their competition for the endowment, aiming to explicitly represent additional components of the WEF with respect to a standard CGE in the literature. Thus, it develops different modelling structures by computing impacts on regional GDP, sectorial prices, and production outputs in response to hypothetical water scarcity scenarios. This analysis allows for the determination of the role of data and modelling assumptions, such as production function, water substitutability with other endowments, water mobility across sectors, and sectorial water intensity, in influencing the results. Finally, the paper develops a dynamic scenario analysis, showing that an enhanced representation of the Nexus can significantly affect the macroeconomic dynamics of the simulations and their regional implications.

Suggested Citation

  • Elisa Bardazzi & Gabriele Standardi & Francesco Bosello & Ramón E. Key Hernández, 2024. "Toward the full implementation of the water-energy-food nexus in computable general equilibrium modelling: methods and macroeconomic implications," Economic Systems Research, Taylor & Francis Journals, vol. 36(3), pages 422-450, July.
    • Handle: RePEc:taf:ecsysr:v:36:y:2024:i:3:p:422-450
    DOI: 10.1080/09535314.2024.2349881
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