Energy resource endowments - GCAM
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|Pacific Northwest National Laboratory, Joint Global Change Research Institute (PNNL, JGCRI), USA, https://www.pnnl.gov/projects/jgcri.
|General equilibrium (closed economy)GCAM solves all energy, water, and land markets simultaneously
|Recursive dynamic solution method
|GCAM is a dynamic recursive model, meaning that decision-makers do not know the future when making a decision today. After it solves each period, the model then uses the resulting state of the world, including the consequences of decisions made in that period - such as resource depletion, capital stock retirements and installations, and changes to the landscape - and then moves to the next time step and performs the same exercise. For long-lived investments, decision-makers may account for future profit streams, but those estimates would be based on current prices. For some parts of the model, economic agents use prior experience to form expectations based on multi-period experiences.
GCAM's energy system is comprised of both exhaustible and renewable resources. Exhaustible resources are modeled using graded resource supply curves and include oil, unconventional oil, natural gas, coal, and uranium. Renewable resources quantities are always indicated in terms of annual flows, and include wind, geothermal, solar, hydropower, and biomass. See resources, and resource details for more information.