Iterative design of economic models via simulation, optimization and modeling

verfasst von: M. H. Breitner, B. Koslik, O. von Stryk, H. J. Pesch
Abstract: Microeconomic models, e.g., concern models, usually suffer from too simple dynamic equations and from too unrealistic economic data. In the paper, a new iterative design method is presented, which consists of numerical simulation, numerical solution of optimal control problems by direct optimization methods, and modeling. The capability of the method is demonstrated by the improvement of a simple concern model known from literature. In the end, complex and realistic micro- and macroeconomic phenomena known from reality are described. The controls involved in the model are optimally determined and various numerical calculations have been performed.
Organisationseinheit(en): Institut für Wirtschaftsinformatik
Externe Organisation(en): Technische Universität München (TUM)
Typ: Artikel
Journal: Mathematics and Computers in Simulation
Band: 39
Seiten: 527-532
Anzahl der Seiten: 6
ISSN: 0378-4754
Publikationsdatum: 30.11.1995
Publikationsstatus: Veröffentlicht
Peer-reviewed: Ja
ASJC Scopus Sachgebiete: Theoretische Informatik, Allgemeine Computerwissenschaft, Numerische Mathematik, Modellierung und Simulation, Angewandte Mathematik
Elektronische Version(en): https://doi.org/10.1016/0378-4754(95)00114-5 (Zugang: Unbekannt)

BibTeX

@article{2fe133b10da1436295089a1989aa47aa,
title = "Iterative design of economic models via simulation, optimization and modeling",
abstract = "Microeconomic models, e.g., concern models, usually suffer from too simple dynamic equations and from too unrealistic economic data. In the paper, a new iterative design method is presented, which consists of numerical simulation, numerical solution of optimal control problems by direct optimization methods, and modeling. The capability of the method is demonstrated by the improvement of a simple concern model known from literature. In the end, complex and realistic micro- and macroeconomic phenomena known from reality are described. The controls involved in the model are optimally determined and various numerical calculations have been performed.",
author = "Breitner, {M. H.} and B. Koslik and {von Stryk}, O. and Pesch, {H. J.}",
note = "Funding Information: We would like to thank Prof. Dr. Dr. h.c.R. Bulirsch and Prof. Dr. H.J. Oberle for helpful discussions. The authors would like to thank Bankdirektor P. Sollinger, HYPO-Bank Zentrale Miinchen, for providing us with the real data of i, Pk and Pm of the last ten years in Germany. This work has been supported by the Deutsche Forschungsgemeinschaft within the project {"}Anwendungsbezogene Optimierung und Steuerung{"} and FORTWlHR, the Bavarian Consortium on High Performance Scientific Computing. Copyright: Copyright 2015 Elsevier B.V., All rights reserved.",
year = "1995",
month = nov,
day = "30",
doi = "10.1016/0378-4754(95)00114-5",
language = "English",
volume = "39",
pages = "527--532",
journal = "Mathematics and Computers in Simulation",
issn = "0378-4754",
publisher = "Elsevier",
number = "5-6",
}