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Pensim2
Pensim2 is a dynamic microsimulation model to simulate the income of pensioners, owned by the British Department for Work and Pensions. Pensim2 is the second version of Pensim which was developed by Institute for Fiscal Studies in the 1990s. The time horizon of the model is 100 years, by which time today's school leavers will retire. Pensim2 uses a lot of external alignment figures. Overview Pensim2 uses aggregate and micro-level data from different data sources, e.g. BHPS, LLMDB and the Family Resources Survey. It simulate a very wide range of economic processes: earnings, housing, savings, pensions, taxes A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, o .... It has the useful feature of allowing the user to specify certain parameters (for example the rate of return to the sto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microsimulation
Microsimulation (from microanalytic simulation or microscopic simulation) is a category of computerized analytical tools that perform highly detailed analysis of activities such as highway traffic flowing through an intersection, financial transactions, or pathogens spreading disease through a population. Microsimulation is often used to evaluate the effects of proposed interventions before they are implemented in the real world. For example, a traffic microsimulation model could be used to evaluate the effectiveness of lengthening a turn lane at an intersection, and thus help decide whether it is worth spending money on actually lengthening the lane. Introduction Microsimulation can be distinguished from other types of computer modeling in looking at the interaction of individual ''units'' such as people or vehicles. Each unit is treated as an autonomous entity and the interaction of the units is allowed vary depending on stochastic (randomized) parameters. These parameters are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Department For Work And Pensions
, type = Department , seal = , logo = Department for Work and Pensions logo.svg , logo_width = 166px , formed = , preceding1 = , jurisdiction = Government of the United Kingdom , headquarters = Caxton House7th Floor6–12 Tothill StreetLondonSW1H 9NA , employees = 96,011 (as of July 2021) , budget = £176.3 billion (Resource AME),£6.3 billion (Resource DEL),£0.3 billion (Capital DEL),£2.3 billion (Non-Budget Expenditure)Estimated for year ending 31 March 2017 , minister1_name = Mel Stride , minister1_pfo = Secretary of State for Work and Pensions , chief1_name = Peter Schofield , chief1_position = Permanent Secretary , chief2_name = , chief2_position = , chief3_name = , chief3_position = , chief4_name = , chief4_position = , chief5_name = , chief5_position = , chief6_name = , chief6_position = , chief7_name = , chief7_position = , chief8_name = , chief8_position = , chief9_name = , chief9_position = , parent_department = , w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
LLMDB
The Lifelong Labour Market Database (LLMDB2) is a panel data set, owned by the Department for Work and Pensions in Britain. LLMDB2 holds a 1% sample from the new ''National Insurance Recording System (NIRS2)'' and is a fully representative sample of around 600000 people. LLMDB2 started to record the income and other characteristics of its individuals in 1978. It is especially useful for the analysis of private pension contributions. It is used for the Pensim2 Pensim2 is a dynamic microsimulation model to simulate the income of pensioners, owned by the British Department for Work and Pensions. Pensim2 is the second version of Pensim which was developed by Institute for Fiscal Studies in the 1990s. The ... microsimualtion model. External links LLMDB2 at DWP Department for Work and Pensions Economic data Panel data ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Policy Simulation Model
The Policy Simulation Model (PSM) is a static microsimulation model which encapsulates the tax and benefits system, and population, of Great Britain. It is based on survey data from the Family Resources Survey (FRS) which is uprated to simulate the current year, together with several years into the future through a process of static uprating. The uprating process covers a complex range of processes, ranging from simple numerical uprating of financial values, to modelling the draw-down of old benefits through to the implications of the rising state pension age. The model is built using SAS and is owned by the GB Department for Work and Pensions (DWP). It produces outputs including the financial (and work-incentive) impacts on a representative sample of the GB population from hypothetical policy changes to the tax and benefits system. It is managed by a central team of analysts who both develop the model and provide year-round customer service to analytical users of the model spr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Model (abstract)
A conceptual model is a representation of a system. It consists of concepts used to help people know, understand, or simulate a subject the model represents. In contrast, physical models are physical object such as a toy model that may be assembled and made to work like the object it represents. The term may refer to models that are formed after a conceptualization or generalization process. Conceptual models are often abstractions of things in the real world, whether physical or social. Semantic studies are relevant to various stages of concept formation. Semantics is basically about concepts, the meaning that thinking beings give to various elements of their experience. Overview Models of concepts and models that are conceptual The term ''conceptual model'' is normal. It could mean "a model of concept" or it could mean "a model that is conceptual." A distinction can be made between ''what models are'' and ''what models are made of''. With the exception of iconic models, su ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is widely used as a basis to co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensioner
A pensioner is a person who receives a pension, most commonly because of retirement from the workforce. This is a term typically used in the United Kingdom (along with OAP, initialism of old-age pensioner), Ireland and Australia where someone of pensionable age may also be referred to as an 'old age pensioner'. In the United States, the term retiree is more common, and in New Zealand, the term superannuitant is commonly used. In many countries, increasing life expectancy has led to an expansion of the numbers of pensioners, and they are a growing political force. Political parties * 50Plus in the Netherlands * Dor, the Israeli Pensioners' Party * National Party of Retirees and Pensioners in Poland * Party of United Pensioners of Serbia * Pensioners' Party * Norwegian Pensioners Party * Scottish Senior Citizens Unity Party * Swedish Senior Citizen Interest Party Other uses * In the University of Cambridge, a pensioner is a student who is not a scholar or sizar and who pays for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 170 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute For Fiscal Studies
The Institute for Fiscal Studies (IFS) is an economic research institute based in London, United Kingdom, which specialises in UK taxation and public policy. It produces both academic and policy-related findings. The institute's aim is to "advance education for the benefit of the public by promoting on a non-political basis the study and discussion of and the exchange and dissemination of information and knowledge concerning national economic and social effects and influences of existing taxes and proposed changes in fiscal systems." It is located in the Bloomsbury area of Central London close to the British Museum and University College London (UCL). History The institute was founded in response to the passing of the Finance Act 1965, by four financial professionals: a banker and later Conservative Party politician ( Will Hopper), an investment trust manager (Bob Buist), a stockbroker (Nils Taube), and a tax consultant (John Chown). In 1964, the then Chancellor of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Time Horizon
Time is the continued sequence of existence and events that occurs in an apparently irreversible succession from the past, through the present, into the future. It is a component quantity of various measurements used to sequence events, to compare the duration of events or the intervals between them, and to quantify rates of change of quantities in material reality or in the conscious experience. Time is often referred to as a fourth dimension, along with three spatial dimensions. Time has long been an important subject of study in religion, philosophy, and science, but defining it in a manner applicable to all fields without circularity has consistently eluded scholars. Nevertheless, diverse fields such as business, industry, sports, the sciences, and the performing arts all incorporate some notion of time into their respective measuring systems. 108 pages. Time in physics is operationally defined as "what a clock reads". The physical nature of time is addressed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BHPS
The British Household Panel Survey (BHPS), carried out at the Institute for Social and Economic Research of the University of Essex, is a survey for social and economic research. A sample of British households was drawn and first interviewed in 1991. The members of these original households have since been followed and annually interviewed. The resulting data base is very popular among social scientists for quantitative analyses of social and economic change. One of the most important precursors of the BHPS is the Panel Study of Income Dynamics (PSID), established in the 1960s at the University of Michigan, Ann Arbor (US). The initial BHPS sample consisted of 10,300 individuals across Great Britain. Additional samples were recruited in Scotland and Wales in 1999 and the study was extended to Northern Ireland in 2001. As a panel survey it is a form of longitudinal study. The BHPS was funded by the Economic and Social Research Council from its inception in 1989 until 2008. Since 2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Family Resources Survey
The Family Resources Survey (FRS) is one of the United Kingdom’s largest household surveys. It is carried out by the Office for National Statistics (ONS) with the National Centre for Social Research (NatCen), and Northern Ireland Statistics and Research Agency (NISRA) on an annual basis, by collecting information on the incomes and characteristics of private households in the United Kingdom. It is sponsored by the Department for Work and Pensions (DWP). History The survey was launched in 1992 to supply DWP with the information it required for policy analysis and it has been conducted annually since then. Before 1992, the Department had to rely on other government surveys, for example the Family Expenditure Survey (now established as Living Cost and Food Survey) and the General Household Survey. However their sample sizes proved insufficient for the needs of DWP. Beginning with a sample size of about 26,000 households, the number was reduced in 1997 to 24,000 households. Afte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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