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How to build a theoretical model: Basic building blocks
Learn about the descriptive solution, the first-best solution and the second-best solution of solving a model.
Solving the model is a crucial step, as it shows whether a model that we have developed is indeed useful, or whether it needs to be changed. Can the model be solved at all, and does a solution yield interesting insights?
This article is from the online course:
Exploring Possible Futures: Modeling in Environmental and Energy Economics
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This article is from the free online
Exploring Possible Futures: Modeling in Environmental and Energy Economics
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