are quantitative, economic models are classified as discrete or continuous choice model; according to the model's intended purpose/function, it can be classified asquantitative or qualitative; according to the model's ambit, it can be classified as a general equilibrium model, a partial equilibrium model, or even a non-equilibrium model; according to the economic agent's characteristics, models can be classified as rational agent models, representative agent models etc.

* Stochastic models are formulated using stochastic processes.