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An economic variable can be exogenous in some models and endogenous in others. In particular this can happen when one model also serves as a component of a broader model.
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics.Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods.
In mathematics, a variable (from Latin variabilis, "changeable") is a symbol, typically a letter, that refers to an unspecified mathematical object. [1] [2] [3] One says colloquially that the variable represents or denotes the object, and that any valid candidate for the object is the value of the variable.
The term Variable is relevant to several contexts, and is especially important to mathematics and computer science. Scientists and engineers will often use mathematical variables in formulae and equations, such as E = mc 2; they will also have their own special uses of the term.
In this situation, the term hidden variables is commonly used (reflecting the fact that the variables are meaningful, but not observable). Other latent variables correspond to abstract concepts, like categories, behavioral or mental states, or data structures.
The language of mathematics has a wide vocabulary of specialist and technical terms. It also has a certain amount of jargon: commonly used phrases which are part of the culture of mathematics, rather than of the subject.
Mathematical models can take many forms, including dynamical systems, statistical models, differential equations, or game theoretic models.These and other types of models can overlap, with a given model involving a variety of abstract structures.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".