Publisher's Synopsis
Excerpt from The Formulation of Expectations in Dynamic Systems
Part II describes certain principles that are essential to system dynamics models. They are System dynamics adopts a systems point of view. Social systems are state-determined and, as such, are dynamic, continuous, and structured by a simple organizing concept. (3) Models should emphasize causal structure. Models should retain the notion of conserved flows under certain conditions. Model equations should represent actual processes as they are observed by participants in the system. (6) System dynamics models are policy - oriented.
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