Skip to main content
JASSSVolume 17, Issue 4, 1 October 2014, 1p

Nowcasting in microsimulation models: A methodological survey(Article)(Open Access)

  Save all to author list
  • aRural Economy Research Centre of Teagasc, National University of Ireland, Teagasc Mellows Campus, Athenry, Co. Galway, Ireland
  • bMellows Campus, Athenry, Co. Galway, Ireland

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. © JASSS.

Author keywords

MicrosimulationNowcastingProjectionsReweightingSurveyUprating
  • ISSN: 14607425
  • Source Type: Journal
  • Original language: English
  • DOI: 10.18564/jasss.2635
  • Document Type: Article
  • Publisher: University of Surrey

  O'donoghue, C.; Rural Economy Research Centre of Teagasc, National University of Ireland, Teagasc Mellows Campus, Athenry, Co. Galway, Ireland
© Copyright 2018 Elsevier B.V., All rights reserved.

Cited by 5 documents

O'Donoghue, C. , Sologon, D.M. , Kyzyma, I.
Modelling the Distributional Impact of the COVID-19 Crisis*
(2020) Fiscal Studies
Padilla, J.J. , Diallo, S.Y. , Lynch, C.J.
Observations on the practice and profession of modeling and simulation: A survey approach
(2018) Simulation
Cserháti, I. , Keresztély, T. , Takács, T.
Examination of inequalities in Hungary by microsimulation in consistency with macro data
(2016) Society and Economy
View details of all 5 citations
{"topic":{"name":"Microsimulation; Synthetic Populations; Agent-Based Model","id":25070,"uri":"Topic/25070","prominencePercentile":69.37792,"prominencePercentileString":"69.378","overallScholarlyOutput":0},"dig":"702bf87784da0b01e6789fe5814dbc873592296134a4085f51b7e5b717c7e4e8"}

SciVal Topic Prominence

Topic:
Prominence percentile: