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

Expected ValueMean Outcome, Probability-Weighted Average

Expected value is the probability-weighted mean of a defined outcome across its possible values.

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External ValidityReal-World Applicability, Result Generalisation

The extent to which a model's results accurately reflect real-world outcomes observed independently of the data used to build it.

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