Towards a theory of economic value for modeling and simulation: Incremental cost of parallel simulation (WIP)

James Nutaro, Bernard P. Zeigler

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

Abstract

A useful perspective on the economic value of simulation in engineering comes from considering the role simulation plays in constructing a system. We propose a conceptual model that combines an embryonic concept of the value of an information bit with cost estimation tools used in software engineering. The model provides an economic justification for the common conception that models should be built to address specific questions rather than to comprehensively represent a referent system. Extending these ideas, we offer a model for the incremental value of parallel execution to explain why simulation applications that take advantage of sophisticated parallel discrete event simulation tools form a relatively narrow niche despite the ubiquity of parallel computing hardware. The proposed model enables us to bring value of information criteria into model development and to make predictions about the future of parallel simulation applications.

Original languageEnglish
Title of host publicationSimulation Series
EditorsXiaolin Hu, Fernando Barros
PublisherThe Society for Modeling and Simulation International
Pages86-96
Number of pages11
Edition8
ISBN (Electronic)9781510860209
ISBN (Print)9781510860131, 9781510860148, 9781510860155, 9781510860162, 9781510860179, 9781510860186, 9781510860186, 9781510860209
StatePublished - 2018
EventTMS/DEVS Symposium on Theory of Modeling and Simulation, TMS/DEVS 2018, Part of the 2018 Spring Simulation Multi-Conference, SpringSim 2018 - Baltimore, United States
Duration: Apr 15 2018Apr 18 2018

Publication series

NameSimulation Series
Number8
Volume50
ISSN (Print)0735-9276

Conference

ConferenceTMS/DEVS Symposium on Theory of Modeling and Simulation, TMS/DEVS 2018, Part of the 2018 Spring Simulation Multi-Conference, SpringSim 2018
Country/TerritoryUnited States
CityBaltimore
Period04/15/1804/18/18

Funding

This manuscript has been authored by UT-Battelle, LLC under Contract No. DE-AC05-00OR22725 with the U.S. Department of Energy. The United States Government retains and the publisher, by accepting the article for publication, acknowledges that the United States Government retains a non-exclusive, paid-up, irrevocable, world-wide license to publish or reproduce the published form of this manuscript, or allow others to do so, for United States Government purposes. The Department of Energy will provide public access to these results of federally sponsored research in accordance with the DOE Public Access Plan (http://energy.gov/downloads/doe-public-access-plan).

Keywords

  • Economics
  • Parallel DEVS
  • Parallel computing
  • Simulation
  • Value of information

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