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 ?
We conclude that the HCFA mortality prediction model does not adequately incorporate patient information that relates to the referral process and to mortality.
Flora's Z score (51) has been used in the critical care literature to compare mortality prediction models. It is similar to the method of using SMR with confidence intervals and has the same advantages and limitations.
Careful evaluation of different studies revealed the fact that accuracy of the mortality prediction models are limited because they are restricted by the items included, and subjected to interpretation.
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.