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He watches the models make a beeline for their BlackBerries and start typing urgently.
The tighter, more buoyant models make a muscled and stocky body as streamlined as a long and lean one.
In general, economists love models in which smart people make individually smart choices that end up being collectively dumb; and they especially love it when such models make a case for international policy coordination.
He writes that "compared to this fictional world of econs, humans do a lot of misbehaving, and that means that economic models make a lot of bad predictions".Of course, the behavioural economics school has been around for 40 years or so.
Wavelength-dependent variations in the calculated thickness may be expected because both models make a number of simplifications.
It's true that working actors and models make a decent living, but in a good month I'll book about four jobs.
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"The Models made a business decision -- the real estate was more valuable than the retail operation.
The first models made a resounding p-i-n-g when the ball was struck, hence the name of his company.
In fact, this is a good example of climate models making a prediction (warmer nights), and then having the prediction born out by the data.
That is understandable, but what if the factors that cannot be modelled make a huge difference to the outcome?
For instance, the following assumptions from the original PCO model make a practical application very difficult.
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