Modeling and Simulation: An Overview

Feb 3rd, 2012
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This paper is provided as a study guide only, please do not submit this document directly to any university.This section provides an overview of the 18 papers on modeling and simulation that have been selected for the special issue. “Improving judgmental adjustment of model-based forecasts” by Philip Hans Franses (Erasmus University Rotterdam) is the first paper [6]. Many managers have access to statistical model-based forecasts and can use these to create their own forecasts. To the analyst, who aims to evaluate forecast accuracy, it is usually unknown to what extent managers use those model forecasts. Moreover, in other situations the analyst may not even have access to those model-based forecasts. The survey reports on recent developments within this context which concern an understanding of the creation of such managers’ forecasts given that model forecasts are potentially incorporated and the evaluation of their accuracy.

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