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3.5. Simulation models

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  • Choucri, Nazli
  • Heye, Christopher

Abstract

This paper summarizes some basic assumptions and procedures for simulation approaches. A brief discussion of system dynamics is presented. A description of the International Petroleum Exchange Model (IPE) developed at MIT is presented. As a simulation model of the world oil market, IPE shows the interactions, adjustments, and behavior of major actors and agents, and of the underlying supply, demand, and price relationships. Illustrations of model results are presented along with comparison of alternative simulation scenarios.

Suggested Citation

  • Choucri, Nazli & Heye, Christopher, 1990. "3.5. Simulation models," Energy, Elsevier, vol. 15(3), pages 363-378.
    • Handle: RePEc:eee:energy:v:15:y:1990:i:3:p:363-378
    DOI: 10.1016/0360-5442(90)90096-K
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    References listed on IDEAS

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    1. Robert S. Pindyck, 1979. "The Structure of World Energy Demand," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262661772, April.
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