This paper discusses how the results of simulation models can be made more reliable and the method of simulating therefore more widely applicable. We suggested to calibrate simulation models empirically and developed a methodology based on Critical Realism in order to so. We suggested combining...

This paper discusses how the results of simulation models can be made more reliable and the method of simulating therefore more widely applicable. We suggested to calibrate simulation models empirically and developed a methodology based on Critical Realism in order to so. We suggested combining...

This paper introduces a categorization of simulation models. It provides an explicit overview of the steps that lead to a simulation model. We highlight the advantages and disadvantages of various simulation approaches by examining how they advocate different ways of constructing simulation...

In economics simulation models are used quite a lot to carry out mathematical experiments.However, the specification of the parameter set with which to run these simulations is, ingeneral, quite an adventure into the unknown. Criticism is easily found with the procedure, asit is difficult to...