Models Flashcards
Whats the difference between Statistical and Formal models?
A statistical model concerns itself with the assumptions made about the nature of the found data where a formal model is a rigorous thought experiment that sets up a conceptual representation of the modern world.
Define what a statical model is
It is a mathematical representation of the world that is meant to be
descriptive, explanatory and predictive.
What do statistical models involve?
Data and statical uncertainty.
What are formal models grounded in?
Game theory
What are the three components to game theory?
Actors (players)
Decision (strategies)
Outcomes (payoffs)
What does Schellings segregation model represent?
Geographically, rascal division is not the result of racist attitudes but rather, a habit that can be examined.
