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 derivative security is valued based on these asset prices by recursively working back through the model from the derivative's final maturity.
For instance, if modeling is going to help identify and focus on the decisions likely to have the largest effects on outcomes, the models must address actual decisions to be made in actual bioterrorism events.
Like the previous researchers, Benigno and Wood-ford find that the expected utility of the representative household can be approximated by a quadratic loss function with no linear terms, a result implying that the welfare associated with a given policy rule can still be readily evaluated (to second-order accuracy) using a first-order-accurate solution of the model.
With these modifications, the model measures the fair value of ESOs based on the hypothetical price a fully-diversified outside investor would pay in an arm's-length transaction to purchase the right to receive the ESO's cash flow (as distinct from the ESO itself, which is not transferable).
Many schools are already implementing parts of the model, including systemic change, advocacy, leadership, and collaboration.
By manipulating the model on his own personal computer, he wanted to study the statue at scales ranging from meters to millimeters.
These items now function more explicitly as measuring rods that indicate the framing of the model (the studio space), and they draw Renner's diminutive inventions into a reciprocal "testing" - an examination not limited to the objects themselves but also to the processes of the images' origins and their conventional perception.
If measured dimensions do not correlate with predicted ones, the model is updated on a computer to accommodate the characteristics of the new press, and again downloaded to the machine.
In most cases (70%), the audits were performed by someone other than the group that maintained the model.
Before actually generating model results, hold back a random portion of the dataset for purposes of testing and validating the model once it has been developed.
Instead, the focus of the application should be on identifying important cancer surveillance and control questions, obtaining the data sources and making model modifications as necessary to run the model, and producing results that are meaningful and packaged in a way that policy makers and cancer control planners can understand.