Economic Models

These models and simulations have been tagged “Economic”.

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Stock - Store - Funds representation
Profile photo Migot
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Based on oid 2016 report to be compared with the Just Justice Framework WIP insight
Overcoming Indigenous Disadvantage
Profile photo Geoff McDonnell
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Overview:

Overall, this analysis showed a COVID-19 outbreak in Burnie, the government policies to curtail that, and some of the impacts it is having on the Burnie economy.


Variables

The simulation made use of the variables such as; Covid-19: (1): Infection rate. (2): Recovery rate. (3): Death rate. (4): Immunity loss rate etc. 


Assumptions:

From the model, it is apparent that government health policies directly affect the economic output of Burnie. A better health policy has proven to have a better economic condition for Burnie and verse versa.


In the COVID-19 model, some variables are set at fixed rates, including the immunity loss rate, recovery rate, death rate, infection rate, and case impact rate, as this is normally influenced by the individual health conditions and social activities.

Moving forward, we decided to set the recovery rate to 0.7, which is a rate above the immunity loss rate of 0.5, so, the number of susceptible could be diminished over time.


Step 1: Try to set all value variables at their lowest point and then stimulate. 

 

Outcome: the number of those Infected are– 135; Recovered – 218; Cases – 597; Death – 18,175; GDP – 10,879.


Step 2: Try to increase the variables of Health Policy, Quarantine, and Travel Restriction to 0.03, others keep the same as step 1, and simulate


Outcome: The number of those Infected – 166 (up); Recovered – 249 (up); Cases – 554 (down); Death – 18,077 (down); GDP – 824 (down).


With this analysis, it is obvious that the increase of health policy, quarantine, and travel restriction will assist in increase recovery rate, a decrease in confirmed cases, a reduction in death cases or fatality rate, but a decrease in Burnie GDP.


Step 3: Enlarge the Testing Rate to 0.4, variable, others, maintain the same as step 2, and simulate


Outcome: It can be seen that the number of Infected is down to – 152; those recovered down to – 243; overall cases up to – 1022; those that died down to–17,625; while the GDP remains – 824.


In this step, it is apparent that the increase of testing rate will assist to increase the confirmed cases.


Step 4: Try to change the GDP Growth Rate to 0.14, then Tourism Growth Rate to 0.02, others keep the same as step 3, and then simulate the model


Outcome: what happens is that the Infected number – 152 remains the same; Recovered rate– 243 the same; Number of Cases – 1022 (same); Death – 17,625 (same); but the GDP goes up to– 6,632. 


This final step made it obvious that the increase of GDP growth rate and tourism growth rate will help to improve the overall GDP performance of Burnie's economy.

Clone of The Recent COVID-19 Outbreak in Burnie Tasmania - Buchi Okafor 546792
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WIP Based on Just Justice book from croakey website .to be compared with  oid 2016 report  insight on overcoming indigenous disadvantage
Just Justice tackling Aboriginal Over-Incarceration
Profile photo Geoff McDonnell
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System Thinking and Modelling of Brgy. Irawan, PPC (Biophysical, Cultural and Economic Component)
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Leverage points interactions
Profile photo AAzyan Murray
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COVID-19 outbreak in Burnie Tasmania Simulation Model

Introduction

This model simulates how COVID-19 outbreak in Burnie and how the government responses influence the economic community.  Government responses are based on the reported COVID-19 cases amount, whcih is considered to be based on testing rate times number of people who are infected minus those recovered from COVID-19 and dead.
Government interventions include the implement of healthy policy, border surveillance, quarantine and travel restriction. After outbreak, economic activities are positively affected by the ecommerce channel development and normal economic grwoth, while the unemployement rate unfortunately increases as well. 

Assumption
  • Enforcing government policies reduce both infection and economica growth.                                                                                                         
  • When there are 10 or greater COVID-19 cases reported, the governmwnt policies are triggered.                                                          
  • Greater COVID-19 cases have negatively influenced the economic activities.                                                                                             
  • Government policies restict people's activities socially and economically, leading to negative effects on economy.                                          
  • Opportunities for jobs are cut down too, making umemployment rate increased.                                                                                   
  • During the outbreak period, ecommerce has increased accordingly because people are restricted from going out.                                  
Interesting insights

An increase in vaccination rate will make difference on reduing the infection. People who get vaccinated are seen to have higher immunity index to fight with COVID-19. Further research is needed.

Testing rate is considered as critical issue to reflect the necessity of government intervention. Higher testing rate seems to boost immediate intervention. Reinforced policies can then reduce the spread of coronvirus but absoluately have negative impacts on economy too.
Clone of Mengling Xue 561743 BMA708_Marketing insights into Big Data
Profile photo Mengling Xue
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Wealth Inequality defined by System Dynamics.
SDWealth
Profile photo shaun savage
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To develop a model and rating system to be able assess how sustainably responsible the Queensland Government, Local Government, Government Agencies, and Industry are. The rating system is based on the key sustainability factors identified by the United Nations: Social, Environment, and Economic.
Qld SEE Model
Profile photo David Alman
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Model of Covid-19 outbreak in Burnie, Tasmania

This model was designed from SIR model(susceptible, infected, revovered) to find out the effect of covid-19 outbreak into economic outcomes via government policy.

Assumptions

The government policy is triggered when number of infected is more than ten.

The government policies will take negative effect into Covid-19 outbreaks and financial system

Parameters

We set some fixed and adjusted variables.
Covid-19 outbreak's parameter
Fixed parameters: Infection rate, Background disease, recovery rate.
Adjusted parameter: Immunity loss rate can be change from vaccination rate.

Government policy's parameters
Adjusted parameters: Testing rate(from 0.15 to 0.95), vaccination rate(from 0.3 to 1), travel ban(from 0 to 0.9), social distancing(from 0.1 to 0.8), Quarantine(from 0.1 to 0.9)

Economic's parameters
Fixed parameter: Tourism
Adjusted parameter: Economic growth rate(from 0.3 to 0.5)

Interesting insight

Increase vaccination rate and testing rate will decrease the number amount of infected case and a little bit more negative effect to economic system. However economic system still need a long time to recover in both cases.
BMA708_Assignment 3_ndkvo_520272_COVID-19 outbreak and Burnie economy
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Model of Covid-19 outbreak in Burnie, Tasmania

Balancing Health and Economy factor
Vaccination rate will help to recovered more people and decrease the immunity loss rate.


Additionally. The lack of food during the covid-19 pandemic still an obstacle for economic development.

In someway, Health balancing in every people will help to shut down covid-19 and help economic development even grow up faster.


Model of Covid-19 outbreak in Burnie, Tasmania
Profile photo KV
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MiPrimerModelo
Profile photo NATALIA TAIS PARDO CARRILLO
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COVID-19 outbreak in Burnie Tasmania Simulation Model

Introduction

This model simulates how COVID-19 outbreak in Burnie and how the government responses influence the economic community.  Government responses are based on the reported COVID-19 cases amount, whcih is considered to be based on testing rate times number of people who are infected minus those recovered from COVID-19 and dead.
Government interventions include the implement of healthy polcy, border surveillance, quarantine and travel restriction. After outbreak, economic activities are positively affected by the ecommerce channel development and normal economic grwoth, while the unemployement rate unfortunately increases as well. 

Assumption
  • Enforcing government policies reduce both infection and economica growth.                        
  • When there are 10 or greater COVID-19 cases reported, the governmwnt policies are triggered.                                                          
  • Greater COVID-19 cases have negatively influenced the economic activities.                    
  • Government policies restict people's activities socially and economically, leading to negative effects on economy.                                          
  • Opportunities for jobs are cut down too, making umemployment rate increased.           
  • During the outbreak period, ecommerce has increased accordingly because people are restricted from going out.                                  
Interesting insights

An increase in vaccination rate will make difference on reduing the infection. People who get vaccinated are seen to have higher immunity index to fight with COVID-19. Further research is needed.

Testing rate is considered as critical issue to reflect the necessity of government intervention. Higher testing rate seems to boost immediate intervention. Reinforced policies can then reduce the spread of coronvirus but absoluately have negative impacts on economy too.
Clone of Mengling Xue 561743 BMA708_Marketing insights into Big Data
Profile photo Mengling Xue
Insight diagram
This model can be used to investigate how government interventions affect transmission and mortality associated with COVID-19 during an outbreak, and how these interventions impact on the economic activities in Burnie, Tasmania.

Assumptions can be made that effective government intervention can reduce the number of people infected, whereas the local economy is severely impacted.

Insights:
1. When COVID-19 case are more than 10, government policy will be triggered.

2. Testing rate is very crucial to understanding the spread of the pandemic and responding appropriately.


BMA708_Marketing insights_Covid-19 Outbreak in Burnie Tasmania_Jing XU
Profile photo Jing Xu
Insight diagram

Overview:

The COVID-19 Outbreak in Burnie Tasmania shows the process of COVID-19 outbreak, the impacts of government policy on both the COVID-19 outbreak and the GDP growth in Burnie.

Assumptions:

We set some variables at fix rates, including the immunity loss rate, recovery rate, death rate, infection rate and case impact rate, as they usually depend on the individual health conditions and social activities.

It should be noticed that we set the rate of recovery, which is 0.7, is higher than that of immunity loss rate, which is 0.5, so, the number of susceptible could be reduced over time.

Adjustments: (please compare the numbers at week 52)

Step 1: Set all the variables at minimum values and simulate

results: Number of Infected – 135; Recovered – 218; Cases – 597; Death – 18,175; GDP – 10,879.

Step 2: Increase the variables of Health Policy, Quarantine, and Travel Restriction to 0.03, others keep the same as step 1, and simulate

results: Number of Infected – 166 (up); Recovered – 249 (up); Cases – 554 (down); Death – 18,077 (down); GDP – 824 (down).

So, the increase of health policy, quarantine and travel restriction will help increase recovery, decrease confirmed cases, decrease death, but also decrease GDP.

Step 3: Increase the variables of Testing Rate to 0.4, others keep the same as step 2, and simulate

results: Number of Infected – 152 (down); Recovered – 243 (down); Cases – 1022 (up); Death – 17,625 (down); GDP – 824 (same).

So, the increase of testing rate will help to increase the confirmed cases.

Step 4: Change GDP Growth Rate to 0.14, Tourism Growth Rate to 0.02, others keep the same as step 3, and simulate

results: Number of Infected – 152 (same); Recovered – 243 (same); Cases – 1022 (same); Death – 17,625 (same); GDP – 6,632 (up).

So, the increase of GDP growth rate and tourism growth rate will helps to improve the GDP in Burnie.

COVID-19 Outbreak in Burnie Tasmania - Lin Ling 523592
Profile photo Lin Ling
3
Insight diagram

Overview:

Overall, this analysis showed a COVID-19 outbreak in Burnie, the government policies to curtail that, and some of the impacts it is having on the Burnie economy.


Variables

The simulation made use of the variables such as; Covid-19: (1): Infection rate. (2): Recovery rate. (3): Death rate. (4): Immunity loss rate etc. 


Assumptions:

From the model, it is apparent that government health policies directly affect the economic output of Burnie. A better health policy has proven to have a better economic condition for Burnie and verse versa.


In the COVID-19 model, some variables are set at fixed rates, including the immunity loss rate, recovery rate, death rate, infection rate, and case impact rate, as this is normally influenced by the individual health conditions and social activities.

Moving forward, we decided to set the recovery rate to 0.7, which is a rate above the immunity loss rate of 0.5, so, the number of susceptible could be diminished over time.


Step 1: Try to set all value variables at their lowest point and then stimulate. 

 

Outcome: the number of those Infected are– 135; Recovered – 218; Cases – 597; Death – 18,175; GDP – 10,879.


Step 2: Try to increase the variables of Health Policy, Quarantine, and Travel Restriction to 0.03, others keep the same as step 1, and simulate


Outcome: The number of those Infected – 166 (up); Recovered – 249 (up); Cases – 554 (down); Death – 18,077 (down); GDP – 824 (down).


With this analysis, it is obvious that the increase of health policy, quarantine, and travel restriction will assist in increase recovery rate, a decrease in confirmed cases, a reduction in death cases or fatality rate, but a decrease in Burnie GDP.


Step 3: Enlarge the Testing Rate to 0.4, variable, others, maintain the same as step 2, and simulate


Outcome: It can be seen that the number of Infected is down to – 152; those recovered down to – 243; overall cases up to – 1022; those that died down to–17,625; while the GDP remains – 824.


In this step, it is apparent that the increase of testing rate will assist to increase the confirmed cases.


Step 4: Try to change the GDP Growth Rate to 0.14, then Tourism Growth Rate to 0.02, others keep the same as step 3, and then simulate the model


Outcome: what happens is that the Infected number – 152 remains the same; Recovered rate– 243 the same; Number of Cases – 1022 (same); Death – 17,625 (same); but the GDP goes up to– 6,632. 


This final step made it obvious that the increase of GDP growth rate and tourism growth rate will help to improve the overall GDP performance of Burnie's economy.

The Recent COVID-19 Outbreak in Burnie Tasmania - Buchi Okafor 546792
Profile photo Buchi Okafor
Insight diagram
COVID-19 outbreak in Burnie Tasmania Simulation Model

Introduction

This model simulates how COVID-19 outbreak in Burnie and how the government responses influence the economic community.  Government responses are based on the reported COVID-19 cases amount, whcih is considered to be based on testing rate times number of people who are infected minus those recovered from COVID-19 and dead.
Government interventions include the implement of healthy policy, border surveillance, quarantine and travel restriction. After outbreak, economic activities are positively affected by the ecommerce channel development and normal economic grwoth, while the unemployement rate unfortunately increases as well. 

Assumption
  • Enforcing government policies reduce both infection and economica growth.                                                                                                         
  • When there are 10 or greater COVID-19 cases reported, the governmwnt policies are triggered.                                                          
  • Greater COVID-19 cases have negatively influenced the economic activities.                                                                                             
  • Government policies restict people's activities socially and economically, leading to negative effects on economy.                                          
  • Opportunities for jobs are cut down too, making umemployment rate increased.                                                                                   
  • During the outbreak period, ecommerce has increased accordingly because people are restricted from going out.                                  
Interesting insights

An increase in vaccination rate will make difference on reduing the infection. People who get vaccinated are seen to have higher immunity index to fight with COVID-19. Further research is needed.

Testing rate is considered as critical issue to reflect the necessity of government intervention. Higher testing rate seems to boost immediate intervention. Reinforced policies can then reduce the spread of coronvirus but absoluately have negative impacts on economy too.
Mengling Xue 561743 BMA708_Marketing insights into Big Data
Profile photo Mengling Xue
Insight diagram
This model is developed to simulate how Burnie can deal with a new outbreak of COVID-19 considering health and economic outcomes. The time limit of the simulation is 100 days when a stable circumstance is reached. 

Stocks
There are four stocks involved in this model. Susceptible represents the number of people that potentially could be infected. Infected refers to the number of people infected at the moment. Recovered means the number of people that has been cured, but it could turn into susceptible given a specific period of time since the immunity does not seem everlasting. Death case refers to the total number of death since the beginning of outbreak. The sum of these four stocks add up to the initial population of the town.

Variables
There are four variables in grey colour that indicate rates or factors of infection, recovery, death or economic outcomes. They usually cannot be accurately identified until it happen, therefore they can be modified by the user to adjust for a better simulation outcome.

Immunity loss rate seems to be less relevant in this case because it is usually unsure and varies for individuals, therefore it is fixed in this model.

The most interesting variable in green represents the government policy, which in this situation should be shifting the financial resources to medical resources to control infection rate, reduce death rate and increase recovery rate. It is limited from 0 to 0.8 since a government cannot shift all of the resources. Bigger scale means more resources are shifted. The change of government policy will be well reflected in the economic outcome, users are encouraged to adjust it to see the change.

The economic outcome is the variable that roughly reflects the daily income of the whole town, which cannot be accurate but it does indicate the trend.

Assumptions:
The recovery of the infected won't happen until 30 days later since it is usually a long process. And the start of death will be delayed for 14 days considering the characteristic of the virus.
Economic outcome will be affected by the number of infected since the infected cannot normally perform financial activities.
Immunity effect is fixed at 30 days after recovery.

Interesting Insights:
 In this model it is not hard to find that extreme government policy does not result in the best economic outcome, but the values in-between around 0.5 seems to reach the best financial outcome while the health issues are not compromised. That is why usually the government need to balance health and economic according to the circumstance. 
 

New outbreak of COVID-19 in Burnie
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