model

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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 ?
Physiological Modelling: Glucose-Insulin Dynamics and Cardiovascular Modelling
The book covers modelling approaches ranging from the micron to the metre in scale, and from the single fibre to complete composite structures.
Self-test exercises and web-tools aid learning and illustrate different modelling methods and scenarios.
The project takes flood modelling in Germany a step further than the existing ZURS flood zonation model, allowing an insurer or reinsurer to assess correlations between flooding in different regions.
This should help further establish the emergent role of computer modelling as an adjunct to other approaches for early stage compound profiling and assessment.