I know this is a silly question but what is a difference between model and model economy? I see some papers use the term “model” in one place and use the term “model economy” in other place.
Most often, the terms are used synonymously. The term model is a bit broader, because you are not necessarily modeling a full economy (e.g. a model of consumer choice).
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Dear Professor Pfeifer,
That is what I thought. Thank you!
Sincerely,
Eric