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Why do we need numerical models?

What are numerical models good for? Understand real world examples and the usage of numerical models. Watch Hannes Weigt explain more.

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.

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Exploring Possible Futures: Modeling in Environmental and Energy Economics

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