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Journal of Artificial Societies and Social Simulation
Article . 2014 . Peer-reviewed
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DBLP
Article . 2014
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Nowcasting in Microsimulation Models: A Methodological Survey

Authors: Cathal O'Donoghue; Jason Loughrey;

Nowcasting in Microsimulation Models: A Methodological Survey

Abstract

In this paper, we survey the use of nowcasting methods in Microsimulation models. These nowcasting methods differ in a number of respects to the more established methods of forecasting. The main distinction is that while forecasting extrapolates from current data to estimate the future, the methods of nowcasting extrapolate from data of the recent past to reflect the present situation. In this paper, we undertake a survey of a number of modelling teams globally, selected for their experience and breadth of use with the methodologies of nowcasting and to ascertain the modelling choices made. Different methodologies are used to adjust the different components, with indexation or price uprating applied for the adjustments to growth in wages or prices, the updating of tax-benefit policy to adjust for policy change and either static or dynamic ageing to account for changes to the population and labour market structure. Our survey reports some of the choices made. We find that these model teams are increasingly utilising variants of these methods for short-term projections, which is relatively novel relative to the published literature.

Country
Ireland
Related Organizations
Keywords

Externally hosted open access publications with University of Galway authors, reweighting, projections, Microsimulation, Survey, Nowcasting, Uprating, Reweighting, Projections, microsimulation, survey, nowcasting, uprating

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    popularity
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    Top 10%
    influence
    This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
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    impulse
    This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
8
Top 10%
Top 10%
Average
gold