How simulation models are more appropriate than optimisation models?

A simulation model is a parameterised model that is solved on the computer since it is too complex to solve analytically. Most economic simulation models are used to forecast the effects of policies. This article reviews a class of simulation models that builds on the new urban economics, which views the urban economy from the perspective of competitive general equilibrium theory. The article starts with a discussion of computable general equilibrium models, then introduces the monocentric (city) model – the core model of the new urban economics – and then reviews earlier and more recent urban simulation models in this vein. The earlier simulation models were static and assumed a single centre of nonresidential activity. More recent models treat urban dynamics and polycentric cities, and are considerably richer descriptively.

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