Simulation, quantitative economics and econometrics: electronic infrastructure and challenges to methodological standards

Lucien Martin Cloutier and Robin Rowley ()
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Lucien Martin Cloutier: Department of Agricultural Economics, University of Illinois at Urbana-Champaign
Robin Rowley: McGill University

European Journal of Economic and Social Systems, 2003, vol. 16, issue 1, 11-32

Abstract: Economic constructs often are models of optimization and rational choice, and offer comparative-static results. Another strand of economic theorizing uses simulated experimental representations of dynamic and qualitative patterns of change over time. Since the 1920s, experimentation has involved exploratory simulations with pseudo data and calibrated parameters, hydraulic or electronic analogues with non-linear models, and technical concerns for notions of feedback and servomechanisms. The objective of this paper is to trace the influence of simulated experimentation to facilitate a greater understanding of the intriguing radical shift in methods of research and communication currently underway, and to its associated challenges.

Keywords: Simulation Models; System Dynamics; Econometrics; Quantitative Economics; Electronic Computing (search for similar items in EconPapers)
JEL-codes: B23 (search for similar items in EconPapers)
Date: 2003
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