“…One of the most popular approaches to hydro-economic modelling in water resources management is what we herein refer to as 'the engineering-based approach'. This approach involves models that are based on a detailed representation of the water component, e.g., nodelink networks, and a simplified representation of the economic component, e.g., an estimation of changes in sectoral production multiplied by an average market price (e.g., Cai et al, 2003;Jenkins et al, 2004;Medellín-Azuara et al, 2007;Harou et al, 2010;Razavi et al, 2013;Asadzadeh et al, 2014;Graveline et al, 2014;Ward, 2014;Esteve et al, 2015;Nguyen et al, 2016;Basheer et al, 2018;Kahil et al, 2018;Mirchi et al, 2018;Amjath-Babua et al, 2019;García et al, 2019;Geressu and Harou, 2019;Do et al, 2020). Such representations of the economy are referred to as 'partial equilibrium' models because they, generally speaking, only account for a portion of the economy like one or a few sectors, such as agriculture or hydropower, without considering interdependencies between sectors or regions within a river basin .…”