Suggestions needed for modelling wealth in a growth model in vensim
Posted: Thu Jan 19, 2017 11:22 am
Dear users,
I am modelling an economic growth model in vensim ple on windows 8. I have a variable called population that has been classified into childhood, young age, middle age and old age using an aging chain.Corresponding to population, I have another variable called total aggregate wealth that has been modelled as a coflow. So, i have young wealth (total savings of young people), middle wealth (total savings of middle aged people) and old wealth. Young and middle aged people have same propensity to save and old people dissave i.e. they consume off their wealth. Thus,Old wealth is total savings of people that they have done during their young and middle age.I am new to system dynamics and I am not very sure that i am formulating my total wealth correctly.Can someone please check whether my formulation?
I am modelling an economic growth model in vensim ple on windows 8. I have a variable called population that has been classified into childhood, young age, middle age and old age using an aging chain.Corresponding to population, I have another variable called total aggregate wealth that has been modelled as a coflow. So, i have young wealth (total savings of young people), middle wealth (total savings of middle aged people) and old wealth. Young and middle aged people have same propensity to save and old people dissave i.e. they consume off their wealth. Thus,Old wealth is total savings of people that they have done during their young and middle age.I am new to system dynamics and I am not very sure that i am formulating my total wealth correctly.Can someone please check whether my formulation?