Changes

A '''mathematical model''' uses [[mathematics|mathematical]] language to describe a system. Mathematical models are used not only in the [[natural science]]s and engineering disciplines (such as [[physics]], [[biology]], [[earth science]], [[meteorology]], and electrical engineering) but also in the [[social science]]s (such as [[economics]], [[psychology]], [[sociology]] and [[political science]]); [[physicist]]s, [[engineer]]s, [[computer science|computer scientist]]s, and [[economist]]s use mathematical models most extensively.

A '''mathematical model''' uses [[mathematics|mathematical]] language to describe a system. Mathematical models are used not only in the [[Natural Sciences|natural science]]s and engineering disciplines (such as [[physics]], [[biology]], [[earth science]], meteorology, and electrical engineering) but also in the [[Social Sciences|social science]]s (such as [[economics]], [[psychology]], [[sociology]] and [[political science]]); [[physics|physicist]]s, engineers, [[computer science|computer scientist]]s, and [[economics|economist]]s use mathematical models most extensively.

Eykhoff (1974) defined a ''mathematical model'' as 'a representation of the essential aspects of an existing system (or a system to be constructed) which presents [[knowledge]] of that system in usable form'.

Eykhoff (1974) defined a ''mathematical model'' as 'a representation of the essential aspects of an existing system (or a system to be constructed) which presents [[knowledge]] of that system in usable form'.

* ''Model of rational behavior for a consumer''.  In this model we assume a consumer faces a choice of ''n'' commodities labeled 1,2,...,''n'' each with a market price. The problem of rational behavior in this model then becomes an optimization problem.

* ''Model of rational behavior for a consumer''.  In this model we assume a consumer faces a choice of ''n'' commodities labeled 1,2,...,''n'' each with a market price. The problem of rational behavior in this model then becomes an optimization problem.

: This model has been used in general equilibrium theory, particularly to show existence and Pareto optimality of economic equilibria.  However, the fact that this particular formulation assigns ''numerical values'' to levels of satisfaction is the source of criticism (and even ridicule).  However, it is not an essential ingredient of the theory and again this is an idealization.[http://en.wikipedia.org/wiki/Mathematical_model]

: This model has been used in general equilibrium theory, particularly to show existence and Pareto optimality of economic equilibria.  However, the fact that this particular formulation assigns ''numerical values'' to levels of satisfaction is the source of criticism (and even ridicule).  However, it is not an essential ingredient of the theory and again this is an idealization.[https://en.wikipedia.org/wiki/Mathematical_model]

[[Category: Mathematics]]

[[Category: Mathematics]]