Parameter

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Parameter in equations, is an arbitrary constant quantity which can have different values in otherwise similar equations. An example would be the "time parameter," an arbitrarily selected time period which must remain constant for any one set of simultaneous equations; but which may be varied for other sets of similar equations. In uses other than in equations, parameter has different meanings which have no reference to "Mathematical economics."[1]

References

  1. Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-08-19.

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