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Iterative design of economic models via simulation, optimization and modeling

Author

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  • Breitner, M.H.
  • Koslik, B.
  • von Stryk, O.
  • Pesch, H.J.

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.

Suggested Citation

  • Breitner, M.H. & Koslik, B. & von Stryk, O. & Pesch, H.J., 1995. "Iterative design of economic models via simulation, optimization and modeling," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 39(5), pages 527-532.
    • Handle: RePEc:eee:matcom:v:39:y:1995:i:5:p:527-532
    DOI: 10.1016/0378-4754(95)00114-5
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    References listed on IDEAS

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    1. Peter Kort & Paul Loon & Mikulás Luptácik, 1991. "Optimal dynamic environmental policies of a profit maximizing firm," Journal of Economics, Springer, vol. 54(3), pages 195-225, October.
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    Cited by:

    1. B. Koslik & M. H. Breitner, 1997. "In Optimal Control Problem in Economics with Four Linear Controls," Journal of Optimization Theory and Applications, Springer, vol. 94(3), pages 619-634, September.
    2. Susanne Winderl, 2000. "On A Complex Microeconomical Model For The Optimal Control Of A Concern," Computing in Economics and Finance 2000 234, Society for Computational Economics.

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