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 ?
Consistent with the concept that the HCFA Medicare mortality prediction model does not fully capture all of the factors associated with geographic referral and with lower 30-day mortality, TABULAR DATA OMITTED the predicted mortality declined as a function of referral distance, but less so than the observed mortality.
In practice, random and unmeasured factors introduce imperfection and limit discrimination and calibration of ICU mortality prediction models.
For example, other variables, such as freezing temperatures and windchill stress (Carls and O'Clair, 1995; Warrenchuk and Shirley, 2002) encountered in pot fishing warrant experimental investigation and may necessitate modifications to the mortality prediction models.