Grey box model

A grey box model is a type of modeling approach that combines both empirical data and theoretical knowledge. In contrast to a black box model, where the internal workings of the system are not visible or understood, and a white box model, where everything about the internal processes is known and utilized, a grey box model occupies a middle ground. Key characteristics of grey box models include: 1. **Combination of Knowledge**: Grey box models utilize both qualitative and quantitative data.