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A note on the integration of system dynamics and economic models

Smith, P.C. and van Ackere, A. (2002) A note on the integration of system dynamics and economic models. Journal of Economic Dynamics and Control, 26 (1). pp. 1-10. ISSN 0165-1889

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Abstract

Equilibrium is probably the principal focus of most areas of economic analysis. However, the policy maker is often interested not only in the equilibrium predictions arising from an economic model, but also in the path taken by policy variables as they move towards that equilibrium. It is therefore likely that integration into a dynamic framework will frequently enhance the usefulness of an economic model. Recent developments in computer software mean that system dynamics offers a readily accessible methodology for making this principle operational. The approach is illustrated using an example from the British National Health Service, in which a traditional economic model of supply and demand is deployed within a system dynamics model.

Item Type: Article
Academic Units: The University of York > Economics and Related Studies (York)
Depositing User: York RAE Import
Date Deposited: 23 Apr 2009 09:45
Last Modified: 23 Apr 2009 09:45
Published Version: http://dx.doi.org/10.1016/S0165-1889(00)00025-7
Status: Published
Publisher: Elsevier Science B.V.
Identification Number: 10.1016/S0165-1889(00)00025-7
URI: http://eprints.whiterose.ac.uk/id/eprint/6590

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