Assignment: Information Technology In Global Economy
1). Utilities of microsimulation for policy development lies in their ability to do what? Identify and provide a short and specific narrative to support your response to the question above.
2). Looking through the chapter, the authors have identified five non-sequential and unique steps that must be followed when building a microsimulation model (Caro et al., 2012; Cassells et al., 2006; Zaidi and Rake, 2001).
What are these five steps? Identify and name them and provide a brief and short narrative for each step.
Chapter 14 - Provided us with a brief introduction to the method of microsimulation that was introduced in the 1950s, and its utility for the development of public policy. On the same token, the authors stated that, microsimulation's use for policy purposes has extended from the economic to other domains due to robust and abundances of data and technological advances. From this revelation, we can state with the certainty that microsimulation as a utility has seen growing demand in recent times to address increasingly complex policy issues that require new approaches.
According to the authors, Lay-Yee and Cotterell, microsimulation may come in various types, for example along the dimensions of arithmetical or behavioral, and static or dynamic. It has its own distinctive model-building process that relies on empirical data and derived parameters with an insertion of the chance to simulate realistic distributions.
Text book: Policy Practice and Digital Science- Integrating Complex Systems, Social Simulation and Public Administration in Policy Research by Marijn Janssen, Maria A.Wimmer and Ameneh Deljoo.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.