A note on the integration of system dynamics and economic models

Details

Serval ID
serval:BIB_AAEA9FFFD68F
Type
Article: article from journal or magazin.
Collection
Publications
Institution
Title
A note on the integration of system dynamics and economic models
Journal
Journal of Economic Dynamics and Control
Author(s)
Smith P.C., van Ackere A.
ISSN
0165-1889
Publication state
Published
Issued date
01/2002
Peer-reviewed
Oui
Volume
26
Number
1
Pages
1-10
Language
english
Abstract
Equilibrium is probably the principal focus of most areas of economic analysis. However, the policy maker is often interested not only in the equilibrium predictions arising from an economic model, but also in the path taken by policy variables as they move towards that equilibrium. It is therefore likely that integration into a dynamic framework will frequently enhance the usefulness of an economic model. Recent developments in computer software mean that system dynamics offers a readily accessible methodology for making this principle operational. The approach is illustrated using an example from the British National Health Service, in which a traditional economic model of supply and demand is deployed within a system dynamics model.
Keywords
methodology, system dynamics, policy, health care
Web of science
Create date
02/06/2009 14:31
Last modification date
21/08/2019 6:14
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