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What is a heuristic model? Can a heuristic model be traditional? Why or why not? LO2 

   What is a heuristic model? Can a heuristic model be traditional? Why or why not? LO2
Macroeconomics
Macroeconomics
David Colander 8th Edition
Chapter 6, Problem 9 ↓

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A heuristic model refers to a simplified approach or method used to solve complex problems more quickly when traditional methods are too slow, or to find an approximate solution when an exact solution is not necessary. Heuristics are generally based on practical  Show more…

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What is a heuristic model? Can a heuristic model be traditional? Why or why not? LO2
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