Why do we need numerical models?
Every long term forecast of economic developments is based on some form of numerical modeling.
In essence a numerical model is a theoretic model with numbers. A basic understanding of theoretic modeling is not only a nice add-on but a perquisite for successful numerical modeling.
A numerical model is a representation of a real world system via mathematical formulations that can then be analyzed by computational methods.
In this week we want to get more familiar with numerical modeling and how to design a model that is able to capture the real world.
Exploring Possible Futures: Modeling in Environmental and Energy Economics
Exploring Possible Futures: Modeling in Environmental and Energy Economics
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