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 ?
The Title, Abstract and keywords should identify the report as that of the assessment of the performance of an ICU mortality prediction model.
Mortality prediction models need to be validated before they can be applied in an environment that is substantially different to the environment in which they were developed.