Improvement of a pension microsimulation model and datasets

The action was carried out in order to improve the predictive capacity of the Czech dynamic microsimulation model with two main objectives – actualize the underlying database and implement decision-making processes based on variables of a modelled individual. An extensive research into available data sources was undertaken with a follow-up consisting of evaluating data quality and preparing a methodology for data-cleaning and data-mining. Places within the model where introduction of decision-making processes would be viable and beneficial were identified in a feasibility study and some of the processes were implemented. .

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The most important deliverables were the "Methodology for implementation of new model factors", called "Derivation of Parameters of the Wage Dynamics Equation for the Dynamic Microsimulation Model of the MoLSA Pension System" and "Data quality assessment and improvement methodology". These represent the most significant evolutionary leaps of the pension model. The action also prepared ground for further development of the microsimulation model, which should be done in the near future.