Pensim2 is a dynamic microsimulation model to simulate the income of pensioners, owned by the British Department for Work and Pensions.
Pensim2 is the second version of Pensim which was developed by Institute for Fiscal Studies in the 1990s. The time horizon of the model is 100 years, by which time today's school leavers will retire. Pensim2 uses a lot of external alignment figures. [1]
Pensim2 uses aggregate and micro-level data from different data sources, e.g. BHPS, LLMDB and the Family Resources Survey. It simulate a very wide range of economic processes: earnings, housing, savings, pensions, taxes. It has the useful feature of allowing the user to specify certain parameters (for example the rate of return to the stock market). [1]
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload.
In computability theory, a system of data-manipulation rules is said to be Turing-complete or computationally universal if it can be used to simulate any Turing machine. This means that this system is able to recognize or decide other data-manipulation rule sets. Turing completeness is used as a way to express the power of such a data-manipulation rule set. Virtually all programming languages today are Turing-complete.
A simulation is the imitation of the operation of a real-world process or system over time. Simulations require the use of models; the model represents the key characteristics or behaviors of the selected system or process, whereas the simulation represents the evolution of the model over time. Often, computers are used to execute the simulation.
In computer engineering, a hardware description language (HDL) is a specialized computer language used to describe the structure and behavior of electronic circuits, and most commonly, digital logic circuits.
Computer simulation is the process of mathematical modelling, performed on a computer, which is designed to predict the behaviour of, or the outcome of, a real-world or physical system. The reliability of some mathematical models can be determined by comparing their results to the real-world outcomes they aim to predict. Computer simulations have become a useful tool for the mathematical modeling of many natural systems in physics, astrophysics, climatology, chemistry, biology and manufacturing, as well as human systems in economics, psychology, social science, health care and engineering. Simulation of a system is represented as the running of the system's model. It can be used to explore and gain new insights into new technology and to estimate the performance of systems too complex for analytical solutions.
The Department for Work and Pensions (DWP) is a United Kingdom government department of His Majesty's Government responsible for welfare, pensions and child maintenance policy. As the UK's biggest public service department it administers the State Pension and a range of working age, disability and ill health benefits to around 20 million claimants and customers. It is the second largest governmental department in terms of employees, and the largest in terms of expenditure (£187bn).
Microsimulation is a category of computerized analytical tools that perform highly detailed analysis of activities such as highway traffic flowing through an intersection, financial transactions, or pathogens spreading disease through a population. Microsimulation is often used to evaluate the effects of proposed interventions before they are implemented in the real world. For example, a traffic microsimulation model could be used to evaluate the effectiveness of lengthening a turn lane at an intersection, and thus help decide whether it is worth spending money on actually lengthening the lane.
Scientific modelling is a scientific activity, the aim of which is to make a particular part or feature of the world easier to understand, define, quantify, visualize, or simulate by referencing it to existing and usually commonly accepted knowledge. It requires selecting and identifying relevant aspects of a situation in the real world and then developing a model to replicate a system with those features. Different types of models may be used for different purposes, such as conceptual models to better understand, operational models to operationalize, mathematical models to quantify, computational models to simulate, and graphical models to visualize the subject.
Coalescent theory is a model of how alleles sampled from a population may have originated from a common ancestor. In the simplest case, coalescent theory assumes no recombination, no natural selection, and no gene flow or population structure, meaning that each variant is equally likely to have been passed from one generation to the next. The model looks backward in time, merging alleles into a single ancestral copy according to a random process in coalescence events. Under this model, the expected time between successive coalescence events increases almost exponentially back in time. Variance in the model comes from both the random passing of alleles from one generation to the next, and the random occurrence of mutations in these alleles.
An hydrological transport model is a mathematical model used to simulate the flow of rivers, streams, groundwater movement or drainage front displacement, and calculate water quality parameters. These models generally came into use in the 1960s and 1970s when demand for numerical forecasting of water quality and drainage was driven by environmental legislation, and at a similar time widespread access to significant computer power became available. Much of the original model development took place in the United States and United Kingdom, but today these models are refined and used worldwide.
Data parallelism is parallelization across multiple processors in parallel computing environments. It focuses on distributing the data across different nodes, which operate on the data in parallel. It can be applied on regular data structures like arrays and matrices by working on each element in parallel. It contrasts to task parallelism as another form of parallelism.
The Policy Simulation Model (PSM) is a static microsimulation model which encapsulates the tax and benefits system, and population, of Great Britain. It is based on survey data from the Family Resources Survey (FRS) which is uprated to simulate the current year, together with several years into the future through a process of static uprating. The uprating process covers a complex range of processes, ranging from simple numerical uprating of financial values, to modelling the draw-down of old benefits through to the implications of the rising state pension age.
Computer graphics deals with generating images and art with the aid of computers. Today, computer graphics is a core technology in digital photography, film, video games, digital art, cell phone and computer displays, and many specialized applications. A great deal of specialized hardware and software has been developed, with the displays of most devices being driven by computer graphics hardware. It is a vast and recently developed area of computer science. The phrase was coined in 1960 by computer graphics researchers Verne Hudson and William Fetter of Boeing. It is often abbreviated as CG, or typically in the context of film as computer generated imagery (CGI). The non-artistic aspects of computer graphics are the subject of computer science research.
The Center for Simulation of Advanced Rockets (CSAR) is an interdisciplinary research group at the University of Illinois at Urbana-Champaign, and is part of the United States Department of Energy's Advanced Simulation and Computing Program. CSAR's goal is to accurately predict the performance, reliability, and safety of solid propellant rockets.
Modeling and simulation (M&S) is the use of models as a basis for simulations to develop data utilized for managerial or technical decision making.
Process simulation is used for the design, development, analysis, and optimization of technical processes such as: chemical plants, chemical processes, environmental systems, power stations, complex manufacturing operations, biological processes, and similar technical functions.
For pensions, a reliable Pension model is necessary for system simulations and projections, so it is important to have a sound database for pension system analyses. For an example of a complex pension model see e.g..
A dynamic microsimulation pension model is a type of a pension model projecting a pension system by means of a microsimulation and generating the complete history of each individual in a data set. The results of such model offer both the aggregate and individual indicators of the pension system. Thanks to complexity of results, there is a possibility to investigate the distribution of pensions, poverty of pensioners, impact of the changes of the pension formula, for more examples see e.g.. Detailed individual set of (administrative) data should serve as a model input.
Aquaveo is a modeling software company based in Provo, Utah that develops software used to model and simulate groundwater, watershed, and surface water resources. Its main software products include SMS, GMS, WMS, and Arc Hydro Groundwater.