Economic Modelling

Terms for building and checking decision models, including decision trees, Markov models and simulation methods.

  • Topic: Economic Modelling
  • 40 terms
  • Editor reviewed

2 terms

Absorbing StateAbsorbing Health State, Absorbing Markov State

A health state within a Markov model from which no further transitions are possible, most commonly death, once entered permanently.

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Agent-Based ModelABM, Agent-Based Simulation

An agent-based model simulates heterogeneous individual entities and their interactions under explicit rules to examine how population-level outcomes emerge over time.

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