infonet-economy

In the domain of dynamic modeling and simulation, the assurance of model validity is a prominent challenge. An extensive number of contributions concerning model tests, terminology, and the epistemological foundations of validation have been elaborated. These contributions, however, do not fully answer the questions for novice modelers, namely, which validation tests to choose, when and how to apply them, and at what point to cease their formal validation efforts. Our intention here is to help close this gap by introducing a complexity hierarchy of validation tests, an integrative validation process, and a decision heuristic about when to stop formal validation efforts. The paper concludes by providing directions for future research.