Abstract
To clarify the concept of simulation requires placing simulation models in the context of available modelling approaches. One can distinguish models by their structure, size, complexity, purpose, solution technique and probabilistic specification. Generally, the purpose for which a model is specified, the state of knowledge in the area, and the relative importance of indirect effects should guide model specification (Robinson 1987).
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Adelman, I. (2018). Simulation Models. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1333
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1333
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