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Related to deterministic model: stochastic model, probabilistic model

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 ?
Our research indicates that stochastic effect into the deterministic model can have a stabilizing effect.
He could not think of any such automaton, but when asked if he knew what a nondeterministic automaton was, he said he always preferred the deterministic model because it suited him.
ARIMA, mixed ARIMA, and ARIMA-GARCH, outperform deterministic models with respect to forecasting.
The deterministic model is based on mean operation times and does not account for the variability at the individual workstations.
Hence, rebuilding in any specific case may be quicker or take much longer than expected, particularly if expectations are based on deterministic models that approximate median rebuilding times.
This section investigates whether implementation is possible when the deterministic model is perturbed.
First, a deterministic model, which takes all the parameters in question as given, is presented.
This process should link deterministic models of the physical phenomena influencing the dynamic properties and include models quantifying uncertainties involved in the problem (Fig.
A traditional deterministic model that uses single-point estimates to describe each input
1986, Implications of Projecting Future Losses of Earning Capacity with Deterministic Models, Journal of Risk and Insurance, 53: 530-537.
Fugro-Jason acquired Volumetrix and their product Volumetrix FastTracker in 2003, and the stratigraphic grid building and deterministic model building capabilities were incorporated into the Jason Geoscience Workbench (JGW) as EarthModel FT for Low Frequency Modeling," said Joe Jacquot, Strategic Marketing Manager for Fugro-Jason.
He discusses the deterministic model, the life table, life annuities, insurance, fractional durations, continuous payments, select mortality, multiple-life contracts, multiple-decrement theory, expenses, survival distributions and failure times, simplification, compound distributions, and stochastic and Poisson processes.

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