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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 ?
Because of the costs of adjusting total hours, including the costs of hiring and training new workers and of paying shift and overtime premiums, most firms (covering an estimated two-thirds of private-sector employment) are modeled as adjusting labor input to its equilibrium level at a rate estimated to be about 15 percent per quarter, thus smoothing labor input over the business cycle.
Once the disease states are defined, the different transmission pathways to be modeled determine the details of the model structure.
It's very hard to model them in the way that a hurricane is modeled, for example," she said.
With BIM the entire project is modeled in 3D and in a single file.
Calculations, assumptions, data entry, insurer inputs, program security and myriad criteria that produce the modeled loss costs are reviewed in minute detail by the professional team.