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Adam Smith's The Invisible Hand: The Feedback Structure of Markets. From Sterman JD Business Dynamics p170 Fig 5-26. A price-mediated resource allocation system..

Price control mechanism

Geoff McDonnell

6

Based on chapter 14 of Modeling Dynamic Economic Systems

Quasi-competitive equilibrium model

Martín López Ramírez

213

Smithian growth model from Michael Joffe Fig. 3.7 p57 Ch3 Feedback Economics Book

Adam Smith's Growth through Division of labour

Geoff McDonnell

Implementation of a DSGE Model solved in a Macroeconomics class by Harald Uhlig (link), using Rational Expectations, in this case, the Hansens Real Business Cycle Model.

It shows the capacity of implementing Dynamic Stochastic General Equilibrium Model Analysis using System Dynamics.

Real Business Cycle Model (DSGE)

Fernando Fernandes Neto

Explanation:

Explanation:

This model presents the COVID-19 outbreak in Burnie and how the government reacts to it. Moreover, the model also illustrates how the economy in Burnie is impacted by the pandemic. The possible stages of residents when the infectious disease spreads in Burnie can be concluded as Susceptible, Infection and Recovery, which are used as the main data in this model. However, the improvement of decreasing of reported infection rates of this infectious disease and increasing of recovery rates are contributed by the implementation of the Government Health Policy.

Assumption

The decrease of both infection rate and economic growth are all influenced by the Government Health Policy simultaneously. The Government Health Policy is only triggered when there are 10 cases reported. However, the increase in reporting COVID-19 cases affects economic growth negatively.

Interesting Insights:

There are two interesting insights that have been revealed from the simulation. First, the death rate continuously increased even though the infection rate goes down. However, the increase in testing rates contributed to the stability of the death rate towards the end of the week. Moreover, higher testing rates also trigger faster government intervention, which can reduce infectious cases. Second, as the Government Health Policy limited the chance of going out and shopping, the economic growth is negative due to the higher cases.

BMA708, Assessment 3: Complex system, Burnie Covid-19 outbreak

Hanyong Li

Economic contibution

Nienke

This model shows the operation of an extremely simple economy. The system produces and consumes each item (or good) at a fixed rate.

When production exceeds consumption, consumer goods accumulate in stocks. Trading may occur between actors in this system. That will not, however, affect the quantities of the stocks of goods. It only affects ownership (not a concern of this model.)

Simple Economy: Model 1

Jim Berger

4

This Model was developed from the SEIR Model (Susceptible, Exposed, Infected, Recovered) and it predicts the COVID-19 outbreak in Burnie, Tasmania. This pandemic outbreak contributes to diverse rates including infection rate, death rates and recovery rate, government policies and its economic impacts.

Assumptions:

This model is driven by its determined rates, e.g., incubation rate, morality rate, test rate and immunity loss rate and its recovery rate.

Government policies are involved in fully vaccination rate, social distance, national border closure, travel, and business restriction which effect Burnie’s economy.

There are three economic entities dimensions in Burnie Island, we can tell that the pandemic has negative impact on Brick-and-Mortar enterprises and tourism business to some extent, whereas, e commercial business plays a crucial role to stimulate the regional economic activities during the COVID-19 period.

Interesting Insights:

The figure of susceptible changes significantly during the initial 3 weeks because of low recovery rate and high infection rate. On the other hand, the implementation and interventions of government policies is effective, because the number of patients who tested negative is increased and the majority of them release and go back home after medical follow-up.

Xueli Huang 501514, BMA708 Model of COVID-19 Outbreak in Burnie, Tasmania

XUELI HUANG

GSGS_GREECE_GERMANY_MIGRATION_DRAFT

Dennis Hadjimichael

29 7 months ago

A sample model for class discussion modeling COVID-19 outbreaks and responses from government with the effect on the local economy. Govt policy is dependent on reported COVID-19 cases, which in turn depend on testing rates less those who recover

Assumptions

The government has reduced both the epidemic and economic development by controlling immigration.

Yuhao c, BMA708_Marketing insights into Big Data.

Yuhao Chen

A causal loop diagram illustrating solutions for the homelessness problem

Homelessness Model

Fred Nel

not a mathematical model. just a general one

impact of globalization

Venkatesan S

IASAM

Artis

DaceA

This model shows the operation of a simple economy with two modifications made to Model 2 -- 1) feedback from production rate to consumption rate and 2) the use of a fractional rate input for calculating consumption rate.

In summary, lower fractional rates of consumption (based on production) result in higher levels of Savings.

Simple Economy: Model 3

Jim Berger

Investment with depreciation (good/bad economy Markov chain)

Karoly

5 3 months ago

Ocean/atmosphere/biosphere model tuned for interactive economics-based simulations from Y2k on.

Lab 13 Start

Gabe Bowen

232

Ocean/atmosphere/biosphere model tuned for interactive economics-based simulations from Y2k on.

Q2 Final Project w/ socio-economic

Claire Murley

This model demonstrate how the exisitng tested COVID cases effects economic recovery via goverment intervenes.

Assumption:Goverment intervenes positively contribute on transmission, patients recovery, and death elimination. When existing cases equal or lower than 10 cases, economic growth will be soaring with helps of influencial elements.

Interesting points: even though there are certain amount of unknow cases, enhancing social restriction and increasing test rate ould still reduce amount of cases

Complex Model to Simulate How COVID Outbreak Influence Economic Recovery in Burnie

Youjia Xiao

BACKGROUND:

The following simulation model demonstrates the relationship between supply, demand and pricing within the real estate and housing world. I have based the model on a small city with a population of 100,000 residents as of 2015.

AXIS:

X-Axis

The X-Axis shows the time. It begins in 2015 in the month of October and continues for 36 consecutive years.

Y-Axis

There are 2 Y-Axis on this model. The left hand side relates to the price, demand, and supply, while the right hand side solely lists the population.

As you could see, this town has a population of 100,000 residents to-date. The bottom of the model shows a population loop that produces an exponential growth rate of 2.5%. This dynamic and growing city populates approximately 240,000 residents after 36 years.

MODEL

The model consists of 2 folders named: Buyers/Consumers & Suppliers/Producers. This first folder represents the 'Demand'. It includes a buyers growth rate, buyers interest increase and decrease, a price demand and the demand price. The formulas form an exponential rise in demand due to the rapid and continuous increase in population in this new city. As population increases, so does the demand from buyers.

The second folder conveys the supply of houses. It includes a sophisticated loop of real estate. Residents who own houses in the market decide to sell the home. This becomes the Houses for sale, also known as the 'supply'. Those houses are sold and the sold houses re-enter the market and the loop continues.

The supply has an inverse relationship with the price. When prices drop, supplies drop because the demand goes up. And when the price goes up, so does the supply. This will represent the growth of new houses in the market.

PRICE

Note: The price is based on monthly rent rates.

The price is dependant on many variables. Most importantly, the supply and demand. It also includes factors such as expectations & the economic value of the house. I have included a stable, 'good' economic value for all homes as this fictional town is in a stable and growing area.

Price fluctuates throughout the entire simulation, however it also goes up in price. Over the years houses continue to rise in price while they regularly fluctuate. For example, in 2018 (3 years later), the max price for a home was: $4254.7 and min price was: $852.98. On the other hand, in October 2051 (36 years later), the max price was: $14906 and the min price was: $7661. (This is based on the following data: Houses for Sale: 500, Houses that have sold: 100, Houses in the Market: 730).

SLIDERS

There are 3 sliders on the bottom that could be altered. The simulation would react accordingly. The 3 sliders include changeable data on:

- Houses for Sale.

- Houses that have Sold.

- Houses in the Market.

Real Estate Simulation Assignment - Mitchell Bassil 43290264

Mitchell Bassil

8

From Neil WIlson and Steve Keen's double entry accounting view of the money circuit model

Bank money flows

Geoff McDonnell

This model shows the operation of a simple economy. It demonstrates the effect of changes in the fractional rate of consumption (or the converse, the fractional rate of saving.) It also, unlike Models 2 & 3, shows the influence Savings has on the production rate.

In summary, lower rates of consumption (based on production) result in higher rates of both production and consumption in the long-run.

Simple Economy: Model 4

Jim Berger

4

In 2012, the City of Vancouver created a sustainability strategy for staying on the leading edge of urban development called the “Greenest City: 2020 Action Plan (GCAP)” [1—Open in Pop-up]. In the report, the GCAP noted that its highest priority action was to encourage the use of electric vehicle transport in both public and private sectors. Since then, programs such as the Clean Energy Vehicle (CEV) program have been revamped to encourage consumers to choose the greener choice, often rewarding owners with up to $5000 in incentives for battery-powered vehicles and plug-in hybrids. However, the benefits of choosing electric cars are not all clear as several reports have found that hybrid electric vehicles (HEV), plug-in electric hybrid vehicles (PHEV), and battery electric cars (BEV) generate more carbon emissions during their production than current conventional vehicles [2]. I thought it would be interesting to study this sustainability issue through a systems model to determine how much impact it has on the environment compared to conventional vehicles.

https://insightmaker.com/insight/159243/CO2-Emissions-by-Vehicle-Type-Gasoline-vs-Electric

Our model explores both carbon emissions of standard gasoline vehicles and electric vehicles from production to distribution in Canada specifically. Unfortunately, we were unable to find any statistics regarding the number of electric vehicles in production in Canada, so we have used the sales number as our production number estimate. For CO2 emission statistics, we made sure to carefully separate different types of electric vehicles as the production of the battery in battery electric vehicles have significantly more carbon emissions during production.

As expected, the carbon emissions from electric vehicles are much lower than those of gasoline vehicles after taking into account the lifecycle emissions from an average lifespan of 8 years on the road (which is the standard warranty length offered from most car companies). Some interesting things to note are that with our current rise in electric vehicle adoption, electric vehicles will dominate the roads in about 100 years. This transformation may be further accelerated by the large-scale initiatives offered by governmental organizations and increased awareness for sustainable practices. Furthermore, it was very surprising to find that electric vehicle carbon emissions will exceed that of gasoline vehicles after nearly 1000 years, but after further analysis, this makes sense as by then electric vehicles will greatly outnumber gasoline vehicles. This means that electric vehicles are not only the greener choice -- electric vehicles are by far the greenest choice as it will take nearly a thousand years before its emissions will be equal to that of its gasoline counterpart. In fact, it may even take longer than 1000 years for electric vehicles to emit more carbon emissions than gasoline vehicles if we continue looking for more sustainable methods for producing electricity and proactively choose renewable energy over fossil fuels.

Sources:

[1] https://vancouver.ca/files/cov/Greenest-city-action-plan.pdf—Open in Pop-up

[2] http://www.ccsenet.org/journal/index.php/jsd/article/view/64183

Statistics for number of gasoline and electric vehicle sales:

Gasoline Vehicles: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=2010000201

Electric Vehicles: https://www.fleetcarma.com/electric-vehicle-sales-canada-2017/

CO2 Emissions by Vehicle Type (Gasoline vs. Electric)

Doug Diva

6

WIP Dynamic map from Steve Keen's Minsky at 100 Lecture video and slides and later Emergent Macroeconomics papers

Minsky Instability from Macrodefinitions Keen

Geoff McDonnell

This is a toy model of fractional reserve banking.

In the first period, there is foreign spending using domestic currency. This spending creates offshore banking reserves. The offshore bank then lends to the domestic bank. In consequence, the banking sector captures all of yield on government debt.

Banking Leverage

Neil Lancastle