Monday, February 24, 2014

Modelers' Hippocratic Oath

For those who make a living by building some kind of Analytical models... Here comes a modelers' Hippocratic Oath, from the book "The Quants"

1. I will remember that I didn't make the world, and it doesn't satisfy my equations

2. Though I will use models boldly to estimate value, I will not be overly impressed by Mathematics

3. I will never sacrifice reality for elegance without explaining why I have done so.

4. Nor will I give the people who use my model false comfort about its accuracy. Instead, I will make explicit its assumptions and oversights.

5. I understand that my work may have enormous effects on society and the economy, many of them beyond my comprehension

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