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 classic literature ?
But the cream- coloured house (supposed to be modelled on the private hotels of the Parisian aristocracy) was there as a visible proof of her moral courage; and she throned in it, among pre-Revolutionary furniture and souvenirs of the Tuileries of Louis Napoleon (where she had shone in her middle age), as placidly as if there were nothing peculiar in living above Thirty-fourth Street, or in having French windows that opened like doors instead of sashes that pushed up.
If she were to try one, she would find her teeth in her way, modelling that action of her face, as she has unconsciously modelled all its other expressions, on her pattern of sordid age.
The large nation states to which we are accustomed make it difficult for us to think that the state could be constructed and modelled to express the good life.