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Simulation Models

Chapter
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Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 222)

Abstract

Simulation models differ quite fundamentally to the type of optimization model discussed in the previous Chapters. An optimization model can be represented by
$$ Max (Or Min) f(x)$$
$$ subject to g(x)=0 $$
that is, some function of x is optimized subject to a set of constraints on x; if the objective function and the constraint set are linear equations in x, and x ≥ 0, we then have a socalled linear programming model, many applications of which we have already discussed. In contrast, a simulation model can be represented simply by
$$h(x) = 0.$$

Keywords

Cash Flow Petroleum Product Income Statement Distribution Company Economic Dispatch 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Berlin Heidelberg 1984

Authors and Affiliations

  1. 1.Institute for Energy ResearchState University of New York at Stony BrookStony BrookUSA

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