Hi Everyone,
Several months ago, I posted about an economic model that I am developing. This model can be used to analyse decision-making. My post ’Social Economic Utility Analysis (working title) Algorithms’ explained the main algorithms in the model and my post ’Social Economic Utility Analysis (working title) Model’ briefly explained the model using screenshots. The video in this post further elaborates on how the model is intended to work.
Why create a model?
Creating an economic model enables consistent analysis of the application of the defined algorithms. The model provides a method to make comparisons between different usage of time as well as changes in parameters. The model also facilitates more detailed testing of the algorithms to determine if appropriate relationships between parameters and variables are being used. The model can be used to indicate if people are using their time to maximise or close to maximise their utility. The model can also indicate changes in time usage if some of the parameters change. This can be used to demonstrate the sensitivity of time usage to any of the algorithm parameters. Therefore, this model can also be used to assess the impact of any initiative or activity that influences the parameters or the determinants of the parameters of the algorithms.
Source: Social Economic Utility Analysis Model
Model as an input
The model should also been seen as an input into the theory. The theory of valuing time can be supported, modified, or even disproven by the results shown in the model. The model can also help bridge the gap between theory and reality. This will enable a better understanding of the real world and the effect decision-making can have on the quality of life.
The video
This video contains an overview of my ‘Social Economic Utility Analysis’ Microsoft Excel Model. The video describes:
- the contents and functions of each worksheet
- how the worksheets link together
- how to navigate the model
- how to use the model
- how to interpret the results
The video can be watched using the YouTube link below.
What’s next
This is the first video I have put together regarding the ’Social Economic Utility Analysis’ model. I will release more videos demonstrating how the model can analysis decisions, initiatives or even just changes to the environment and circumstances of a community or group of people.
I will also be reviewing the algorithms to determine if they are functioning as intended or if they need further tweaking. The existing formulae are supported by theory as explained in ’Social Economic Utility Analysis (working title) Algorithms’. However, any set of algorithms cannot be all-encompassing. Simplifications are required. It is important to determine if the simplifications have significant impact on the results generated by the model.
I welcome any feedback in the comments section, thank you.
More posts
If you want to read any of my other posts, you can click on the links below. These links will lead you to posts containing my collection of works. These posts will be updated frequently.
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