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Dynamic Microsimulation Pension Model
A dynamic microsimulation pension model is a type of a pension model projecting a pension system by means of a microsimulation and generating the complete history of each individual in a data set. The results of such model offer both the aggregate (e.g. total replacement ratio, implicit debt) and individual indicators (e.g. individual cash-flows) of the pension system. Thanks to complexity of results, there is a possibility to investigate the distribution of pensions, poverty of pensioners, impact of the changes of the pension formula, for more examples see e.g. (Deloitte, 2011). Detailed individual set of (administrative) data should serve as a model input. Dynamic Microsimulation Pension Models A dynamic microsimulation pension models (or a dynamic model with dynamic ageing) is a type of a pension model – see its pension model#Taxonomy of the Pension Models, taxonomy and also (Gál, Horváth, Orbán, & Dekkers, 2009) . There are two basic types of this kind of model - (i) de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Model
For pensions, a reliable Pension model is necessary for system simulations and projections, so it is important to have a sound database for pension system analyses. For an example of a complex pension model see e.g. (Deloitte, 2011). A pension system and its financing are some of the most important but also some of the most difficult roles of a modern country. Every prosperous community has a pension system at present; the citizens rely on its stability and the system provides most of them with the main part of their income in old age. The system's stability and financial sustainability are some of the key preconditions for successful operation of the state and satisfaction of its citizens. Taxonomy of the Pension Models The summary of the pension system taxonomy is based on a study by (Gál, Horváth, Orbán, & Dekkers, 2009), see also (Deloitte, 2011). The chart below provides an overview of the basic types of models used in various EU countries for pension system modelling. ... [...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] |
Randomness
In common usage, randomness is the apparent or actual lack of pattern or predictability in events. A random sequence of events, symbols or steps often has no order and does not follow an intelligible pattern or combination. Individual random events are, by definition, unpredictable, but if the probability distribution is known, the frequency of different outcomes over repeated events (or "trials") is predictable.Strictly speaking, the frequency of an outcome will converge almost surely to a predictable value as the number of trials becomes arbitrarily large. Non-convergence or convergence to a different value is possible, but has probability zero. For example, when throwing two dice, the outcome of any particular roll is unpredictable, but a sum of 7 will tend to occur twice as often as 4. In this view, randomness is not haphazardness; it is a measure of uncertainty of an outcome. Randomness applies to concepts of chance, probability, and information entropy. The fields of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dynamic Microsimulation Model Of The Czech Republic
The Dynamic Microsimulation Model of the Czech Republic is a dynamic microsimulation pension model simulating the pension system of the Czech Republic, owned by the Ministry of Labour and Social Affairs. The model was developed in 2011 by Deloitte. The project was funded with support from the European Commission's Progress programme, for projects related to the development of administrative datasets and models for labour market and pension analysis. Details The model was implemented by Deloitte (Actuarial & Insurance Solutions, Central Europe) using a software system called Prophet developed by SunGard. A special library containing the entire code was prepared by Deloitte specifically for this purpose. Deloitte had previously developed and implemented similar pension models in other countries, such as Hungary.{{cite book, author1=Gál, R. I. , author2=Horváth, A. , author3=Orbán, G. , author4=& Dekkers, G. , title=PENMICRO: Monitoring pension developments through micro socioe ... [...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] |
