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Iterative design of economic models via simulation, optimization and modeling

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  • Technical University of Munich (TUM)

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Original languageEnglish
Pages (from-to)527-532
Number of pages6
JournalMathematics and Computers in Simulation
Volume39
Issue number5-6
Publication statusPublished - 30 Nov 1995

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.

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Iterative design of economic models via simulation, optimization and modeling. / Breitner, M. H.; Koslik, B.; von Stryk, O. et al.
In: Mathematics and Computers in Simulation, Vol. 39, No. 5-6, 30.11.1995, p. 527-532.

Research output: Contribution to journal › Article › Research › peer review

Breitner MH, Koslik B, von Stryk O, Pesch HJ. Iterative design of economic models via simulation, optimization and modeling. Mathematics and Computers in Simulation. 1995 Nov 30;39(5-6):527-532. doi: 10.1016/0378-4754(95)00114-5
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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.",
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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.",
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AU - Breitner, M. H.

AU - Koslik, B.

AU - von Stryk, O.

AU - Pesch, H. J.

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