Selection among Approaches

One of the most difficult tasks in mineral and energy model implementation is deciding which single modeling approach or which combination or hybridization of methodologies will best solve the modeling problem at hand. It is important to realize that there is no such thing as an “all-purpose” model. Different model structures lead to the solution of different kinds of mineral and energy policy problems. At the same time, however, some relation does exist between the requirements of model specification and the methodologies employed. Specifications that require temporal, process or spatial configurations might employ econometric, engineering process, or spatial equilibrium models respectively. To help make these and other more difficult decisions of model selection, the major methodologies are now compared on the basis of their relative strengths and weaknesses. Time and space limit the evaluations to only the three more utilized approaches.