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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 ?
Two of the major modelers now incorporate with recent releases a short-term frequency perspective of the hurricane exposure.
That first consultation highlighted the need for active engagement and creative tension between modelers and policy experts.
The large number of customers of Visual Studio and Visual Basic who have already downloaded Visual Modeler is a testament to the excitement about visual modeling among enterprise application developers," said Jon Roskill, director of Visual Tools marketing at Microsoft.
The Savvion Process Modeler is the easiest way for everyone in the organization to quickly and easily articulate and improve process.
Backroad Racers and European Racers(TM), the first Power Modeler title, are available in consumer electronic and software stores, toy stores, hobby shops, general merchandisers and discount chains in the United States and Europe.
In the long run, sulfur pollution cannot keep pace with greenhouse gases, because the latter persist in the atmosphere for hundreds of years, says James Hansen, a climate modeler at NASA's Goddard Institute for Space Studies in New York City.
Florida commission meetings are open to the public and can provide a wealth of information to regulatory officials as well as the insurance industry and the modelers themselves.
The model building portion of Power Modeler software features step- by-step 3-dimensional instructions that show modelers how each model piece fits together, in the proper sequence and position; "MTV-like" video model making tips on how to glue, paint and detail a model like a pro; fun facts about each of the four featured sports cars' performance and design; a painting option that lets modelers see how each car looks in different colors before painting; and an on-line glossary of automotive terms.
Modelers therefore account for clouds through a process called parameterization.
Of course, all the advanced options are user accessible allowing complete flexibility that will appeal to experienced modelers as well.
Because oceans strongly influence the climate, modelers include mathematical oceans in the atmospheric GCMs.
To increase the overall quality and design fidelity of ER/Studio models, Embarcadero has enhanced its model validation capabilities to assist modelers with the quality assurance and peer review of models.