Temporal dimension - GEM-E3

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Model Documentation - GEM-E3

Corresponding documentation
Previous versions
Model information
Model link https://ec.europa.eu/clima/sites/clima/files/strategies/analysis/models/docs/gem e3 long en.pdf
Institution Institute of Communication And Computer Systems (ICCS), Greece, https://www.iccs.gr/en/.
Solution concept General equilibrium (closed economy)
Solution method Optimization

GEM-E3 is a recursive dynamic model solved sequentially over time. In GEM-E3 model agents have myopic expectations. Their future planning is based on current prices. It is assumed that investment that takes place in time t increases the production capacity at time t+1. The current version of the GEM-E3 is calibrated to 2011 (base year data). The model runs up to 2050 with 5 year time steps.