Accuracy in Simulations
Copyright policy )Accuracy in Simulations
it is useful to have criteria for judging the accuracy of a given numerical solution. In this paper we propose a test for accuracy that is easy to implement and can be applied to a wide class of models without knowledge of the exact solution. We discuss the power of the test by simulating several models with the linear-quadratic approximation and with the method of parameterized expectations. We conclude that the test is powerful.
- Universitat Pompeu Fabra Spain
- University of California, San Diego United States
Economic growth models, Macroeconomics and International Economics, Applications of statistics to economics, Probabilistic models, generic numerical methods in probability and statistics
Economic growth models, Macroeconomics and International Economics, Applications of statistics to economics, Probabilistic models, generic numerical methods in probability and statistics
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