Q1) . Utilities of microsimulation for policy development lies in their ability to do what?  Please identify and provide a short and specific narrative to support your response to the question above. Q2). Looking through the chapter, the authors have identified five non-sequential and unique steps that must be followed when building a microsimulation model (Caro et al., 2012; Cassells et al., 2006; Zaidi and Rake, 2001). What are these five steps?  Please identify and name them and provide a brief and short narrative for each step. Chapter 14 – Provided us with a brief introduction to the method of microsimulation that was introduced in the 1950s, and its utility for the development of public policy.  On the same token, the authors stated that, microsimulation’s use for policy purposes has extended from the economic to other domains due to robust and abundances of data and technological advances.  From this revelation, we can state with the certainty that microsimulation as a utility has seen growing demand in recent times to address increasingly complex policy issues that require new approaches. According to the authors, Lay-Yee and Cotterell, microsimulation may come in various types, for example along the dimensions of arithmetical or behavioral, and static or dynamic.  It has its own distinctive model-building process that relies on empirical data and derived parameters with an insertion of the chance to simulate realistic distributions.

Looking for solution of this Assignment?

WHY CHOOSE US?

We deliver quality original papers

Our experts write quality original papers using academic databases.  

Free revisions

We offer our clients multiple free revisions just to ensure you get what you want.

Discounted prices

All our prices are discounted which makes it affordable to you. Use code FIRST15 to get your discount

100% originality

We deliver papers that are written from scratch to deliver 100% originality. Our papers are free from plagiarism and NO similarity

On-time delivery

We will deliver your paper on time even on short notice or  short deadline, overnight essay or even an urgent essay