1974
DOI: 10.1002/bs.3830190406
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System simulation on system dynamics

Abstract: This paper presents an exegesis of Forrester's system dynamics using conventional mathematical concepts and briefly reviews its advantages and disadvantages. First, Solow's well-known economic growth model is translated into Forrester's language. Next, the general mathematical structure of all Forrester-type models is spelled out. Three constructive suggestions are made for augmenting the methodology. These involve improved numerical integration methods, numerical control theory techniques and a parameter savi… Show more

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Cited by 8 publications
(2 citation statements)
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“…He believed that system dynamics models had great potential for investigating complex economic behavior because they are logical and relatively straightforward for those who are familiar with the system dynamics notation (Day, 1982a). In his first paper on system dynamics (Day, 1974), Day explained the system dynamics vocabulary and diagramming conventions. As an example, he translated the growth model developed by MIT economist Robert Solow into the system dynamics model and identified the feedback loops in Solow's model.…”
Section: The Legacy Of Richard Daymentioning
confidence: 99%
See 1 more Smart Citation
“…He believed that system dynamics models had great potential for investigating complex economic behavior because they are logical and relatively straightforward for those who are familiar with the system dynamics notation (Day, 1982a). In his first paper on system dynamics (Day, 1974), Day explained the system dynamics vocabulary and diagramming conventions. As an example, he translated the growth model developed by MIT economist Robert Solow into the system dynamics model and identified the feedback loops in Solow's model.…”
Section: The Legacy Of Richard Daymentioning
confidence: 99%
“…Maani and Cavana, 2007;Morecroft, 2007;Sterman, 1985). The late Professor Richard Day, whose research legacy is celebrated in this special issue, advocated for using system dynamics in economic analysis (e.g., Day, 1974;Day, 1983c). Following Day's pioneering vision, we hope that this article will encourage even more economists to adopt feedback analysis.…”
Section: Introductionmentioning
confidence: 99%