Reflections and recommendations on Software Quality Management in economic models

Software Quality Management (SQM) for economic simulation models includes different aspects of software development, such as using a version control system, developing, and applying coding guidelines, proper documentation of code, and a testing strategy to systematically locate and remove errors. This paper focuses on testing as the main element of SQM to decrease the probability of incorrect outcomes and reduce debugging costs. Other elements of SQM are discussed more briefly and in relation to testing. Due to differences in developer competence, in software used for coding, and in the organisational structure of research projects, approaches for testing in industry projects are not always applicable to economic models. Based on real-world examples, we show how a testing strategy can be implemented in economic modelling, spanning from automated checks and tests to a release strategy for the economic model. Overall, we recommend developing a test strategy for an economic model as early as possible to save cost and to ensure reliable model outcomes.