# Tag Info

Accepted

### Where are the equations? Limits to Growth, Meadows et al., 2004

Not directly answering the Model3-03, which is an evolution of the original Model3. The newer version is available here: aru.figshare.com/articles/software/World3-03_Edited/11341697 (not Python). I ...
Accepted

### Software to simulate the effects of interest rates on an economy?

Unfortunately, the answer is so broad I'm not sure how useful it may be. First things first, you'd need a model for the economy. There are various around, in the last few years DSGE models like RBCM ...
Accepted

### How do we simulate with lognormal distribution in excel?

Let $X$ be a uniform variable on $[0,1]$. Then if $\Phi(x)$ is the cumulative distribution function of the standard normal distribution, $\Phi^{-1}(X)$ will have a standard normal distribution. If $Y$ ...

### Understanding Inflation in a video game

You seem to think of a game where objects are obtained at a fixed rate by farming. Fix supply of work for a certain object (bc. Only a few people know where to find things to farm or are high enough ...
Accepted

### Simultaneous Equations Models in R

If you search for “simultaneous equations” inside the Econometrics Task View web page you can find two results: the systemfit and the bimets packages. As you stated, the systemfit package is a ...

### What are macro-economics simulations horizons and limits possible with exascale computing?

Some example of large macro models would be the the World Banks macro-fiscal model or Smets-Wouters DSGE model. How will having access to high computing power change the models is very opinion based ...
Accepted

### Is "normal distribution" a good choice for modeling future inflation rates?

With many financial variables you can deduce the distribution from the options market , but there isn’t a sufficiently developed inflation options market (at least in the US). However, experience ...
1 vote

### Where are the equations? Limits to Growth, Meadows et al., 2004

There is a description of basic parts of World3-3 model in Mathematical Modeling by Stefan Heinz on pp 280-285. According to the author at the heart of the model there is following logistic growth ...
1 vote

### What are macro-economics simulations horizons and limits possible with exascale computing?

Just to add to @1muflon1's point: availability and standardization of data aside, the mere ability to run more detailed models can potentially have drastic effects on output. In complex systems, ...
1 vote

### Understanding Inflation in a video game

There are too many questions to play out each situation individually (and not enough information given in each scenario either), but we can answer your underlying question. What causes inflation ...
1 vote

### Simulating macro / benchmark data

I think yes. Macroeconomists usually build DSGE models to predict short-run fluctuations. Calibrating the data is the part of the process. After using numerical methods to run the models, researchers ...
1 vote

### Calculating marginal tax rates when near a cliff

The marginal tax rate is supposed to reflect incentives for the individual. In order to derive a meaningful metric, the calculation should hence try to reflect the actual decision an individual is ...
1 vote

### What is a good way to generate realistic utility curves?

If a functional form satisfies the Inada conditions, it will be "well behaved" in the way you want. The Wikipedia article speaks to production functions, but absent specific real-world data to the ...
1 vote

### What is a good way to generate realistic utility curves?

You could also consider any additively separable utility function (the Cobb Douglas form can be transformed to be additively separable). Then marginal utility of a good depends only on the consumption ...
1 vote

### What is a good way to generate realistic utility curves?

It's somewhat simple, actually. You can just use a Cobb-Douglas with $m+1$ goods available, the last one being leisure. So, you should have something like: U(x_1,x_2,...,x_m,x_{m+1}) = \prod_{i=1}^{...
1 vote

### Can we use hotelling's lemma as a rule of thumb when wage rate can vary?

I don't quite know what it means to apply a mathematical result to a situation in which the assumptions are violated, but the same idea as in the classical version of Hotelling's lemma can be used to ...

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