Using Greek letters may follow in the economics tradition, but it is a pain for humans who need to match up symbols with concepts.
Using Greek letters may follow in the economics tradition, but it is a pain for humans who need to match up symbols with concepts.
I'm sure there's a good reason for it, but I haven't heard it yet.
The problem with short cryptic symbols comes when there are so many symbols that it’s hard to keep them straight, when symbol uses fall far from their definitions, when the same symbol is overloaded to mean different things, or when the author’s and the reader’s cultural conventions about symbols are different.
In a programming context, short variable names are extremely handy when either (a) the scope of the variable is limited, or (b) there’s a strong convention associating the name with the meaning, so that someone seeing the name knows immediately what it represents. For example, writing pi instead of circle_constant, writing i instead of loop_index, etc. tends to make code more readable rather than less.
For example, \phi and \psi (with subscripts) are commonly used as a basis/frame for a vector space, \delta commonly represents a difference of two quantities, \rho is typically a density and \gamma is a decay rate. (These examples are fairly physics-specific, but other fields have similar conventions.) So if notation is well chosen, the reader doesn't need to remember as much unique notation as one might expect.
Imagine you're playing around with variables and model configurations in complex mathematical terms, but one formula stretches over two pages and you always need to cross out and rewrite whole words.
i don't publish code at conferences with
var x, j, i, ii, iii, i2, h, ji...
even though i find it pretty convenient when writing prototypes.math people are just sloppy :)
For parameter passing, long-form names make sense. For actual math? Not so much.
This makes economic formulae much more readable.
I assume they follow some standard of usage in context, but I don't know enough about economics to know what they're normally used to represent.