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A comprehensive overview of recent approaches to microwave transistor modeling and simulation is presented. Three basic approaches to semiconductor device modeling are compared: the linear two-port model, the device-physics model, and the equivalent circuit model. Equivalent circuit models are discussed in detail with examples. Good solutions to the problem of linear modeling have been found and several authors have been able to predict the noise and gain of microwave transistors in the linear operating regions. However solutions for nonlinear operation of transistors at microwave frequencies have only recently been implemented and much room for improvement remains.