Modelling future urban and rural water requirements in a CGE framework
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Water is increasingly being treated as a tradable commodity. This paper describes
our efforts to include water accounts in a multi-regional CGE model. In order to understand the
conditions under which water trade might occur, we need to add a number of features to the
model and scenarios. These might concern structural change in the economy, differences in
yield functions between different crop types, dynamics and hydrology. Each of these features
requires substantial theoretical and database additions. As a first step, we consider the first of
these, structural change, by projecting the model forwards to the point in the future at which
Australia has 25 million people. We use this application as a platform for discussing further
possible changes to the model.