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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.

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

see ECONOMIC MODEL.
References in periodicals archive ?
When a good doctrinal model differs from a good descriptive model, it suggests that judges have a faulty understanding of how fact finders actually process evidence.
Existing research on logistics outsourcing processes primarily includes prescriptive models (Bagchi and Virum 1998; Sink and Langley 1997) and descriptive models based on empirical studies (Andersson and Norrman 2002; de Boer, Gaytan, and Arroyo 2006; Marshall et al.
Presented descriptive model proposes a way to view the decision-making process of managers operating in situations of an uncertainty, turbulent environment, limited time and limited information.
Although he states that descriptive models "only describe," The Appraisal of Real Estate, 14th edition, states, "descriptive statistics is concerned with data collection, presentation, and quantification" (p.
SAS Enterprise MinerTM users can build predictive and descriptive models even faster based on large data volumes.
In 'Towards a Rational Theory of Human Information Acquisition', Jonathan Nelson examines a number of Bayesian approaches to quantifying the utility of data to the hypothesis under consideration, and he argues that some of the better theoretically motivated models fit our intuitions and provide better normative and descriptive models of human behavior.
The literature typically brings forward descriptive models of different stages/phases in the development of a multinational organization.
The show includes many original drawings and photographs and Ban's students have made descriptive models of the 14, which help to relate the fabric and spaces of the work shown on the walls.
This edition includes updates and expanded material on ERP and e-commerce systems and the supply chain decision database; new chapters on descriptive models, stochastic programming models, and those that extend optimization; and new material on combining simulation and optimization.

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