Global Economy

Chapter 5, Figure 5.1 is an illustration of the future state of practice of systems modeling and simulation.  With this mind, the adoption of recent, current and expected innovations could result in the future of the art of systems modeling.  From this illustration, we have learned that it would be possible to simultaneously use multiple hypotheses to achieve different goals that could include the search for deeper understanding and policy insights, experimentations in virtual laboratories, future oriented-explorations, robust policy design, and robustness testing under deep uncertainty.  

Q1: From the author’s assessment,  what are the main advantages of using multiple models?

provide a short and clear narrative to support your responses,

Chapter 6:  According to Gilbert and Troitzsch (2005), Foundations of Simulation Modeling, a simulation model is a computer a program that captures the behavior of a real-world system and it’s input and possible output processes.

Q2: Based on this knowledge, and any assumptions presented by the authors, in your own words, briefly explain: what simulation modeling relies upon?

provide a short and clear narrative to support your response,