Hello Vitalina,

Please state the subject of the study and the considered problem. The answer is highly dependent on them. Sometimes, qualitative studies are reliable, while quantitative studies are sometimes impossible to study some topics.

Economic and Mathematical modeling could be done after detailed understanding of theoretical aspect of problem, reliability of result/conclusion obtained with theoretical study, could be confirm(thinking is in right direction or not) by Economical or Mathematical modeling and obtaining the result, hence theoretical detailed study is must for any issue.....

Hi Vitalina,

Generally speaking mathematical models (applied to economics, natural phenomena, genetics, etc) can capture the main characteristics of a physical system, but the real art of model development is the validation of the model. It is done by comparing model results against observations, this step is probably the most important part of the process and it should guide model modification, calibration, fine-tuning, etc. It does not matter how good your mathematical model is, the real world is always more complex than any model!

Hope it helps,

Augusto

The statement and purpose of the study are the only determinants whether or not to use economic and mathematical modelling methods. Its always possible in research to forgo particular methodologies if they can't yield the best findings to answer the research questions laid out for the study.

only theoretical studies are not reliable .Mathematical modelling is nothing but change the real world phenomena to mathematical phenomena .By reversing the process we can make use of it.And models are very important to conclude the real world problem.

https://en.wikipedia.org/wiki/Mathematical_model