In this article basic definitions, facts, achievements, and open problems concerning the Hubbard model are briefly reviewed. We begin with the definition of the model accompanied by the sketch of its derivation from Schrodinger equation for interacting electrons in a periodic potential. Then we discuss some applications of the model to certain physical problems (antiferromagnetism, ferromagnetism, stripe phases in superconductors). We also review some important achievements of the field during the forty-years-old history of the Hubbard model as well as several open problems.
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