Bioeconomic Models

Abstract

Bioeconomic models are analytical tools that integrate biophysical and economic models. These models allow for analysis of the biological and economic changes caused by human activities. The biophysical and economic components of these models are developed based on historical observations or theoretical relations. Technically these models may have various levels of complexity in terms of equation systems considered in the model, modeling activities, and programming languages. Often, biophysical components of the models include crop or hydrological models. The core economic components of these models are optimization or simulation models established according to neoclassical economic theories. The models are often developed at farm, country, and global scales, and are used in various fields, including agriculture, fisheries, forestry, and environmental sectors. Bioeconomic models are commonly used in research on environmental externalities associated with policy reforms and technological modernization, including climate change impact analysis, and also explore the negative consequences of global warming. A large number of studies and reports on bioeconomic models exist, yet there is a lack of studies describing the multiple uses of these models across different disciplines.