Integrated assessment models (IAMs), used in climate change policy research, provide insights that can support this development. In particular, IAM approaches to intertemporal decision-making and economic valuation can improve existing models. At the same time, IAMs have weaknesses identified elsewhere and can benefit from the development of hydroeconomic models, which have complementary strengths.
- Water-energy-food models have strengths that complement integrated assessment models.
- Different families of models represent characteristic spatial and temporal scales.
- A new family of hydroeconomic models are needed to address questions of long-term investment.