economic models


economic modelling for adapation


A model is a representation of a concept, hypothesis, observed relationships, or even reality. Models may be conceptual, physical, analogue, graphical, quantitative or qualitative, mathematical, equilibrium or dynamic, analytical, simulation, computerised, statistical, stochastic, deterministic, black box, process-based or causal, validated (or not), wrong but rarely right! Climate forecasting, impact assessment and decision-making employs the full diversity of modelling approaches. (UKCIP, 2003)