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t. e. An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. [1]
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods.
Mathematical models can take many forms, including dynamical systems, statistical models, differential equations, or game theoretic models. These and other types of models can overlap, with a given model involving a variety of abstract structures. In general, mathematical models may include logical models.
Mathematical optimization (alternatively spelled optimisation) or mathematical programming is the selection of a best element, with regard to some criterion, from some set of available alternatives. [1] [2] It is generally divided into two subfields: discrete optimization and continuous optimization.
Computational economics is an interdisciplinary research discipline that combines methods in computational science and economics to solve complex economic problems. [1] This subject encompasses computational modeling of economic systems. Some of these areas are unique, while others established areas of economics by allowing robust data ...
t. e. In economics, discrete choice models, or qualitative choice models, describe, explain, and predict choices between two or more discrete alternatives, such as entering or not entering the labor market, or choosing between modes of transport. Such choices contrast with standard consumption models in which the quantity of each good consumed ...
The concept of supply and demand forms the theoretical basis of modern economics. In macroeconomics, as well, the aggregate demand-aggregate supply model has been used to depict how the quantity of total output and the aggregate price level may be determined in equilibrium.
t. e. The Mundell–Fleming model, also known as the IS-LM-BoP model (or IS-LM-BP model ), is an economic model first set forth (independently) by Robert Mundell and Marcus Fleming. [1] [2] The model is an extension of the IS–LM model. Whereas the traditional IS-LM model deals with economy under autarky (or a closed economy), the Mundell ...