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