In a nutshell, hydroeconomic modeling is a tool for water management. It helps researchers, water practitioners, and policymakers
. Applications include economic evaluations of existing and new water projects, alternative water management actions or policies, risk assessments from hydroclimatic uncertainty , and the costs and benefits of mitigation and/or adaptation to such events.
. Models showed more sustainable water resource management and better outcomes for stakeholders as the level of cooperation increased. This becomes even more important as the impacts of climate change become more apparent. However, there is still much work to be done to ensure that all relevant factors and stakeholders are integrated to make informed decisions.It is important to consider multiple objectives to balance different stakeholders’ benefits on the system.
Climate change is severely impacting agricultural systems, reducing the availability of water resources and crop yields, and increasing irrigation water requirements. These results support the need to design and facilitate adaptation processes considering the socioeconomic characteristics of irrigation agriculture and its surrounding communities.
Local control is important, but there needs to be some minimal central guidelines. Countries in the European Union have a more cohesive approach to dealing with transboundary water policy than the United States.
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