Policy Modeling: Definition, Classification and Evaluation

Posted: 18 Oct 2010 Last revised: 28 Feb 2015

See all articles by Mario Arturo Ruiz Estrada

Mario Arturo Ruiz Estrada

University of Malaya (UM) - Faculty of Economics & Administration (FEA)

Date Written: October 17, 2010


This paper introduces a definition, a way of classifying and a method of evaluating policy modeling. An analytical tool called “Policy Modeling Consistency (PMC) Index” has been developed for the purposes of evaluating policy modeling. The PMC-Index enables policy-makers and researchers to identify the level of consistency as well as the strengths and weaknesses within any policy modeling. The implementation of the PMC-Index involves the following four basic steps: (i) the use of multi-input-output table; (ii) classification of variables and identification of parameters; (iii) measurement of the PMC-Index; (iv) construction of the PMC-Surface. Through the PMC-Index, this paper promotes multidisciplinary approach to policy modeling. It suggests that various possible effects of any economic policy can be shown using a multi-dimensional graphical means.

Keywords: Econographicology, Policy Modeling, Economics Teaching, Multi-Dimensional graphs and Multi-Dimensional Geometry

JEL Classification: E65

Suggested Citation

Ruiz Estrada, Mario Arturo, Policy Modeling: Definition, Classification and Evaluation (October 17, 2010). Journal of Policy Modeling, Vol. 33, No. 4, pp. 523-592 . Available at SSRN: https://ssrn.com/abstract=1693614

Mario Arturo Ruiz Estrada (Contact Author)

University of Malaya (UM) - Faculty of Economics & Administration (FEA) ( email )

Kuala Lumpur, 50603
+60126850293 (Phone)

HOME PAGE: http://ssrc.um.edu.my/

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