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Socio-economic Modelling (Task 5.3)
Once the other tasks in the work package were carried out, the next task was to examine the potential to develop models for studies of socio-economic projections.
Background and Rationale
The aim of this task was to set specifications for the development of a joint Mediterranean – Black Sea economy model(s). Under the socio-economic perspective key socio-economic variables for the area were identified, and a preliminary value assessment of anthropogenic activities on marine biodiversity, ecosystem structure and functioning were included.
This exercise involved the review and identification of the main economic activities, socio-economic stakeholders and respective social dynamics in the basin areas. This enabled the interactions and response of the socio-economic systems of interest to be characterized.
In exploring these interactions the so-called computable general equilibrium (CGE) approach was used, where the markets are made explicitly interdependent. Furthermore, the impact of governmental intervention, the choice of policy instruments and non-market damages of anthropogenic activities (environmental externalities) can be easily included in the model framework, where appropriate. In simple words a CGE framework allows the tracing and disentangling of economic and environmental impacts of changes in natural systems even when (as is normally the case) they are not confined within the regions or sectors where these shocks take place.