From Emanuel Derman’s book “Models. Behaving. Badly.” and the Modeler’s Hippocratic Oath:
- “I will remember that I didn’t make the world, and it doesn’t satisfy my equations.”
- “Though I will use the models I or others create to boldly estimate value, I will always look over my shoulder and never forget that the model is not the world.”
- “I will make the assumptions and oversights explicit to all who use them.”
Models are useful, but they’re not the world.
I’m Christopher Berry.
I write at christopherberry.ca