SD 2520 : Modeling Economic and Social Systems

The purpose of this course is to prepare students to construct original system dynamics computer simulation models of economic and social systems from real world situations. They are coached to experiment with these models to understand unintended consequences of policy and to design effective policy interventions. Such a modeling process can be used to examine the possible impacts of policy changes and technological innovations on socioeconomic systems. The curriculum in this course covers a detailed examination of the steps of the system dynamics modeling process: problem identification (including data collection and analysis), feedback structure conceptualization, model formulation, model testing and analysis, model documentation and presentation, and policy implementation, illustrated by examples from business, economy and social systems. This course together with either SSI505 or SD1510 can provide the basic background for the students to use system dynamics in their IQP/MQP projects. Students will not be granted credit for both SD 1520 and SD2520.