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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 ?
Efficacy of preexposure vaccines is more complex than that of postexposure vaccines; therefore, we modeled the efficacy of preexposure vaccines by three different mechanisms (Figure 2) and evaluated the effect of each of the three mechanisms on the cumulative percentage of TB cases prevented.
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.
The early warning capability of our model was evaluated by comparing the validity of the raw and modeled early season disease maps for predicting the case distribution late in the transmission season (October 1).
To test for concurvity, as defined in Equation 4, we fit the model p = h(x,y) to these data, with h modeled as a loess function.
This idea was first proposed by researchers who modeled the propagation of congestion between neighboring routers based on contact processes with a Cayley tree [10].
Under SystemC v2.0, communication between system-level functional blocks can be modeled and refined independently of function.
Solution: Using simulation software, the foundry modeled castings with 1-4 in.