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Economic Model

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PPGPortal > Home > Concept Dictionary > D, E > Economic Model
 

Economic Model 

An economic model attempts to abstract from complex human behaviour in a way that sheds some insight into a particular aspect of that behaviour. 

(EconModel Glossary)

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 The following is drawn from the online EconModel glossary.

"An economic model attempts to abstract from complex human behavior in a way that sheds some insight into a particular aspect of that behavior.  This process inherently ignores important aspects of real-world behavior, making the modeling process an art as well as a mathematical exercise.

The expression of a model can be in the form of words, diagrams, or mathematical equations, depending on the audience and the point of the model."

Reference

EconModel. http://www.econmodel.com/classic/terms/economic_model.htm

     

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