In this lecture, we cover examples and a case study explored by Morecroft (2015, ch. 8) relating to building and using system dynamics models of the global oil industry. At a high level, the salient points are how to model an apparently large and complex system with a tractable set of (relatively small) stocks and how to build models sector by sector to reduce the modeling burden. At a lower level, we focus on modeling the effects of OPEC (Organization of Petroleum Exporting Countries) on the global oil industry.
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