A Practical Guide to Inference in Simulation Models

Thomas Brenner () and Claudia Werker

Papers on Economics and Evolution from Max Planck Institute of Economics, Evolutionary Economics Group

Abstract: This paper introduces a categorization of simulation models. It provides an explicit overview of the steps that lead to a simulation model. We highlight the advantages and disadvantages of various simulation approaches by examining how they advocate different ways of constructing simulation models. To this end, it discusses a number of relevant methodological issues, such as how realistic simulation models are obtained and which kinds of inference can be used in a simulation approach. Finally, the paper presents a practical guide on how simulation should and can be conducted.

Keywords: Methodology; Simulation Models; Practical Guide (search for similar items in EconPapers)
JEL-codes: B41 B52 C63 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-cmp and nep-ecm
Date: 2006-03
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