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 ?
Huddersfield Railway Modellers have been working on the exhibits for three years.
John Tapsell, vice president of the International Plastic Modellers Society (UK), said he was surprised by the revelation.
Earl King, chairman of the Coventry and Warwickshire O Gauge Modellers, said: "Model railways are for everyone - we have people who make the models and we have people here today who just like looking at them."
| A member of the Skipton and District Railway Society keeps a close watch on the Dolores, Colorado layout at last year's Huddersfield Railway Modellers Exhibition at Holmfirth Civic Hall
As catastrophe modellers play an increasingly strategic role in exploring emerging markets and shaping product opportunities, the ELEMENTS platform enables them to obtain new insights and manage the process from start to finish.
The Coventry and Warwickshire Gauge 0 modellers club is staging its ninth annual exhibition at the Church of the Holy Cross, in St Austell Road, Wyken, Coventry.
IT was full steam ahead in Holmfirth at the weekend with the hosting of the Huddersfield Railway Modellers exhibition.
AROUND 700 people from across Yorkshire and beyond turned out to Holmfirth Civic Hall at the weekend for a special rail modellers exhibition.
AN open day organised by Huddersfield Railway Modellers was a big success.
HUDDERSFIELD Railway Modellers were today gearing up for the their annual exhibition.