Modeling in Urban and Regional Economics
ALEX ANAS
Northwestern University, Evanston, Illinois, USA
INTRODUCTION
Ideally, the development of a science follows a three-phase progression. The first phase is the formulation of theory. The second phase is the empirical testing of specific models which stem from the theory and the third phase is the application of the science to real problems. In the natural sciences, application is achieved by the creation of technology. In the social sciences, and in economics in particular, application consists of building a mathematical model capable of making predictions (or forecasts) of markets and able to analyze, evaluate and determine selected public decisions and aspects of public policy.
It is rare that ...
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