Webinar: “A Latin Hypercube Sampling Utility: with an application to an Integrated Assessment Model”
November 7, 2023; 9:00-10:00am (EST, UTC-5); Zoom
Featured Speaker: Dominique van der Mensbrugghe, Director and Research Professor, Center for Global Trade Analysism Purdue University
The webinar, belonging to the GTAP Virtual Seminar Series, will discuss this paper. which describes the use of a utility that creates a Latin Hypercube Sample (LHS). The LHS approach to sampling has had wide applicability as it represents a Monte Carlo strategy that limits sample size and therefore computer time to study the outcomes of simulations under uncertainty. Other approaches to deal with the ’size’ problem include Gaussian Quadrature (GQ) (Arndt, 1996), often used in the context of large models such as computable general equilibrium models. However, the GQ approach is most suitable for focusing on a small set of uncertain parameters as the number of model evaluations increases substantially with the number of uncertain parameters and/or the moments to track. The utility is a new version of the LHS utility that has been publicly available from Sandia National Labs since the early 2000s.
Seminar will be recorded on posted on YouTube.
Work featured in the Journal of Global Economic Analysis Vol 8, No 1 (2023)