Dynamic Microsimulation: A Methodological Survey

This paper describes some of the issues related to constructing a dynamic microsimulation model. The paper considers the principle choices facing the model builder. These choices are whether the model should be probabilistic or incorporate behavioural response, whether model runs in discrete or continuous time, whether the model is open or closed, the extent to which static or dynamic ageing should be used, the decision to run the model in a steady state and the distinction between cohort and population models. Finally, the paper carries out a literature survey of the principle models around in the world classify them by the decisions made under these headings.