Simulation models of economic development: theoretical and methodological aspects

Regional socioeconomic development largely depends not only on objective factors (geographic position, natural resources, human potential) but also on subjective factors, in particular on the efficiency of actions taken by regional governing bodies to solve major problems of supporting economic growth and, therefore, personal income growth. The revision strategy for regional development is periodicity required on the strength of possible changes in the regional economy and the internal and external market situation. At present, simulation modelling is widely used in an effort to study regional processes. A simulation model built on the principles of systems dynamics is presented in this paper. In the next stage, a decision support system for the management of regional sustainable development was engineered