Skip main navigation

New offer! Get 30% off one whole year of Unlimited learning. Subscribe for just £249.99 £174.99. New subscribers only. T&Cs apply

Find out more

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 free online

Exploring Possible Futures: Modeling in Environmental and Energy Economics

Created by
FutureLearn - Learning For Life

Reach your personal and professional goals

Unlock access to hundreds of expert online courses and degrees from top universities and educators to gain accredited qualifications and professional CV-building certificates.

Join over 18 million learners to launch, switch or build upon your career, all at your own pace, across a wide range of topic areas.

Start Learning now