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Model
(redirected from descriptive model)

    Also found in: Dictionary/thesaurus, Medical, Legal, Encyclopedia, Wikipedia, Hutchinson 0.01 sec.
model
An abstraction of reality, generally referring in investments to a mathematical formula designed to determine security values. Economists also use models to project trends in economic variables such as interest rates, economic activity, and inflation rates.
Model
Any mathematical formula or other structure that economists use to explain or predict occurrences. Economists test their models with real world facts before they gain wide acceptance, but, even then, there is no guarantee that a model will always be a correct predictor. See also: Model risk.


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It describes the way an economy should be run and to what end, whereas the only aim of economic theories is to create accurate descriptive models.
5 million reasons to halt Tories by The Mirror (London, England)
The authors captured what they saw and built a descriptive model based on their findings.
The Creative Discipline: Mastering the Art and Science of Innovation by Voeller, Larry / People & Strategy
Our first step, therefore, is to estimate a set of descriptive models in which we analyze the relationships among post-injury work outcomes controlling for worker and job characteristics.
Post-injury work outcomes revisited by Baldwin, Marjorie L.; Conway, Karen Smith; Huang, Ju-Chin / Southern Economic Journal
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