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The economics of simulation

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Paul GrayAuthors Info & Claims

WSC '76: Proceedings of the 76 Bicentennial conference on Winter simulation

Pages 17 - 25

Published: 06 December 1976 Publication History

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Abstract

This paper presents a framework for decision making about simulations before committing resources. The viewpoint is that of a manager who must decide whether to solve a problem by simulation or by some other means. A decision-analysis type model is introduced to allow the manager to determine the minimum cost method of simulation within the operating and policy constraints of his organization. Two case examples using the methodology are presented.

References

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ABT Associates, "Survey of the State of the Art: Social Political and Economic Models and Simulation", Technology and the American Economy, Vol. 5, 1966.

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Appelbaum, Melvin, "Seven Steps to Simulation," in Modern Data, Vol.3, July 1970.

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Emshoff, James R. and Roger L. Sisson, Design and Use of Computer Simulation Models, Macmillan Company, New York, New York, 1970.

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Fried, Louis, "How to Analyze Computer Project Costs" in Computer Decisions, Vol. 3 August 1971.

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Godin, Victor B. "Dollars and Sense of Simulation" in Decision Sciences, Vol. 7, No. 2, April 1976.

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Gray, Paul et. al. "A Decision-Tree Framework for Estimating the Cost of Simulation" in Simulation, Vol. 26, No.2, February 1976.

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Maisel, Herbert and Guiliano Gnugnoli, Simulation of Discrete Stochastic Systems, Science Research Associates, Chicago, Illinois, 1972.

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Naylor, Thomas H. et. al. Computer Simulation Techniques, John Wiley & Sons, New York, New York, 1966.

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Raiffa, Howard, Decision Analysis: Introductory Lectures on Choices Under Uncertainty, Addison-Wesley, Reading, Massachusetts, 1970.

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Shannon, R.E. and W.E. Biles, "The Utility of Certain Curriculum Topics to Operations Research Practitioners": in Operations Research, Vol. 18, No. 4, July-August 1970.

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Cited By

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Jahangirian MTaylor SYoung TYücesan E(2010)Economics of modeling and simulationProceedings of the Winter Simulation Conference10.5555/2433508.2433789(2283-2292)Online publication date: 5-Dec-2010
https://dl.acm.org/doi/10.5555/2433508.2433789
Chwif LBarretto M(2004)Simulation CT-scanProceedings of the 36th conference on Winter simulation10.5555/1161734.1162070(1807-1811)Online publication date: 5-Dec-2004
https://dl.acm.org/doi/10.5555/1161734.1162070

Index Terms

The economics of simulation
1. Applied computing
  1. Law, social and behavioral sciences
    1. Economics
2. Computing methodologies
  1. Modeling and simulation

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WSC '76: Proceedings of the 76 Bicentennial conference on Winter simulation

December 1976

277 pages

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Winter Simulation Conference

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Published: 06 December 1976

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Jahangirian MTaylor SYoung TYücesan E(2010)Economics of modeling and simulationProceedings of the Winter Simulation Conference10.5555/2433508.2433789(2283-2292)Online publication date: 5-Dec-2010
https://dl.acm.org/doi/10.5555/2433508.2433789
Chwif LBarretto M(2004)Simulation CT-scanProceedings of the 36th conference on Winter simulation10.5555/1161734.1162070(1807-1811)Online publication date: 5-Dec-2004
https://dl.acm.org/doi/10.5555/1161734.1162070

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The economics of simulation

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Economics of modeling and simulation: reflections and implications for healthcare