ESP168a.f10.lecture3.09.30.10

ESP168a.f10.lecture3.09.30.10 - ESP168a EnvironmentalPolicy...

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ESP 168a Environmental Policy  Analysis Lecture 3:  Models for Policy Analysis Joan Ogden September 30, 2010 [email protected]
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What is a model? A simplified representation of some aspect of the real world: an object, situation or process.
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Types of Models (1) Physical model Diagrammatic models flow chart Decision tree Graphs and charts Mathematical models (Equations) Conceptual models
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Types of Models (2) Descriptive : describe the way the world works Newton’s laws Prescriptive : provide rules for making choices; optimization
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Examples of Models Descriptive: flow of pollutants through a body of water Descriptive: model of economy Prescriptive: optimization to find the lowest cost network Prescriptive: Selection rules for the best solution to a problem
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Examples of Models Descriptive: Given an interest rate of r find the account balance in n years Sn=So(1+r) n Prescriptive: Situation: A consumer has a choice of 3 banks offering 5%, 7% and 10% interest. Decision rule: He wants to make the most money. => choose bank offering 10%
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This note was uploaded on 12/15/2010 for the course ESP ESP 168A taught by Professor Ogden during the Fall '10 term at UC Davis.

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ESP168a.f10.lecture3.09.30.10 - ESP168a EnvironmentalPolicy...

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