A process for the development and application of simulation models in applied economics

Graeme Doole, David Pannell

Research output: Contribution to journalArticle

9 Citations (Scopus)

Abstract

Simulation models are widely used in applied economics to improve understanding of how a system could behave under different conditions. However, the potential degree to which such models can influence decision making depends on their ability to provide an adequate description of the important elements of a given problem. A systematic and robust procedure for the development and application of such models in agricultural, ecological, environmental and natural resource economics is presented. This process is based on the authors' experience across a broad range of model types and applications and extensive literature review. The practical impact of simulation models is argued to be greater where stakeholders and technical experts are consulted extensively throughout the modelling process. © 2013 Australian Agricultural and Resource Economics Society Inc. and Wiley Publishing Asia Pty Ltd.
Original languageEnglish
Pages (from-to)79-103
JournalAustralian Journal of Agricultural and Resource Economics
Volume57
Issue number1
DOIs
Publication statusPublished - 2013

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simulation models
Economics
economics
natural resource economics
Aptitude
agricultural economics
Decision Making
stakeholders
decision making
Applied economics
Simulation model
Resource economics
Natural Resources
Process modeling
Agricultural economics
Decision making
Literature review
Stakeholders
Asia
Natural resources

Cite this

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A process for the development and application of simulation models in applied economics. / Doole, Graeme; Pannell, David.

In: Australian Journal of Agricultural and Resource Economics, Vol. 57, No. 1, 2013, p. 79-103.

Research output: Contribution to journalArticle

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