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

Author

Listed:
  • Cloutier, Lucien Martin

    (Department of Agricultural Economics, University of Illinois at Urbana-Champaign)

  • Rowley, Robin

    (McGill University)

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.

Suggested Citation

  • Cloutier, Lucien Martin & Rowley, Robin, 2003. "Simulation, quantitative economics and econometrics: electronic infrastructure and challenges to methodological standards," European Journal of Economic and Social Systems, Lavoisier, vol. 16(1), pages 11-32.
    • Handle: RePEc:ris:ejessy:0144
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    Citations

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    Cited by:

    1. Richard J. Brazee & L. Martin Cloutier, 2006. "Reconciling Gray and Hotelling," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(3), pages 827-856, July.
    2. Declerck, Francis & Cloutier, L. Martin, 2008. "The Financial Value of Champagne Houses in a Cobweb Economy," 110th Seminar, February 18-22, 2008, Innsbruck-Igls, Austria 49842, European Association of Agricultural Economists.

    More about this item

    Keywords

    Simulation Models; System Dynamics; Econometrics; Quantitative Economics; Electronic Computing;
    All these keywords.

    JEL classification:

    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies

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