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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] |
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] |
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] |
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] |
SAS System
SAS (previously "Statistical Analysis System") is a statistical software suite developed by SAS Institute for data management, advanced analytics, multivariate analysis, business intelligence, criminal investigation, and predictive analytics. SAS was developed at North Carolina State University from 1966 until 1976, when SAS Institute was incorporated. SAS was further developed in the 1980s and 1990s with the addition of new statistical procedures, additional components and the introduction of JMP. A point-and-click interface was added in version 9 in 2004. A social media analytics product was added in 2010. Technical overview and terminology SAS is a software suite that can mine, alter, manage and retrieve data from a variety of sources and perform statistical analysis on it. SAS provides a graphical point-and-click user interface for non-technical users and more through the SAS language. SAS programs have DATA steps, which retrieve and manipulate data, and PROC steps, whic ... [...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] |
Universal Credit
Universal Credit is a United Kingdom social security payment. It is means-tested and is replacing and combining six benefits for working-age households with a low income: income-related Employment and Support Allowance, income-based Jobseeker's Allowance, and Income Support; Child Tax Credit and Working Tax Credit; and Housing Benefit. An award of UC is made up of different elements, which become payable to the claimant if relevant criteria apply: a standard allowance for singles or couples, child elements and disabled child elements for children in the household, housing cost element, childcare costs element, as well as elements for being a carer or having an illness or disability and therefore having limited capability to work. The new policy was announced in 2010 at the Conservative Party annual conference by the Work and Pensions Secretary, Iain Duncan Smith, who said it would make the social security system fairer to claimants and taxpayers. At the same venue the Welfare R ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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] |
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] |
HM Treasury
His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a department of His Majesty's Government responsible for developing and executing the government's public finance policy and economic policy. The Treasury maintains the Online System for Central Accounting and Reporting (OSCAR), the replacement for the Combined Online Information System (COINS), which itemises departmental spending under thousands of category headings, and from which the Whole of Government Accounts (WGA) annual financial statements are produced. History The origins of the Treasury of England have been traced by some to an individual known as Henry the Treasurer, a servant to King William the Conqueror. This claim is based on an entry in the Domesday Book showing the individual Henry "the treasurer" as a landowner in Winchester, where the royal treasure was stored. The Treasury of the United Kingdom thus traces its origins to the Treasury of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
