What is a 'static' model?

Sean O'Sullivan: You might use a static model a vast number of times. Sep 29, 2009 1:10:53 PM EST
Sean O'Sullivan: If you have a still camera and a movie camera, which will produce a static model? Sep 29, 2009 1:12:19 PM EST
JENNIFER MCCOWATT: still camera Sep 29, 2009 1:12:27 PM EST
Sean O'Sullivan: Corect, but why do you think this is so? Sep 29, 2009 1:12:49 PM EST
Sean O'Sullivan: corect = correct Sep 29, 2009 1:12:58 PM EST
JENNIFER MCCOWATT: Because it is one shot. Many shots would produce dynamic Sep 29, 2009 1:13:23 PM EST
Sean O'Sullivan: yes a static model represents a single 'snapshot' of the problem with a sepfied set of inputs and conditions. 'What will the monthly payments on my home loan be if I borrow $100,000 for 20 years at a fixed interest rate of 4%?' Sep 29, 2009 1:15:47 PM EST
Sean O'Sullivan: sepfied = specified Sep 29, 2009 1:16:09 PM EST
Sean O'Sullivan: And I could use the same static model again but with a different set of inputs and conditions ..".What will the monthly payments on my home loan be if I borrow $200,000 for 15 years at a fixed interest rate of 3.5%? Sep 29, 2009 1:17:25 PM EST
If you have a still camera and a movie camera, which will produce a dynamic model? Sep 29, 2009 1:17:51 PM EST
JENNIFER MCCOWATT: the movie camera Sep 29, 2009 1:17:59 PM EST
Sean O'Sullivan: Yes -- "Many shots would produce dynamic" -- Dynamic models are usually (but not always) associated with time. Sep 29, 2009 1:19:38 PM EST
JENNIFER MCCOWATT: Right Sep 29, 2009 1:20:34 PM EST
Sean O'Sullivan: Particulary if the problem involves inputs and conditions that do or might change with time. Sep 29, 2009 1:20:42 PM EST
JENNIFER MCCOWATT: Like a variable interest rate? Sep 29, 2009 1:21:07 PM EST
Sean O'Sullivan: Good example, and the dynamic model for such a problem would have to include some way to model the variation in the interest rate. Sep 29, 2009 1:22:25 PM EST