Derman, who remarks wryly that about 10 per- cent of his projected life span was spent getting a Ph.D. at Columbia, wrote his thesis on what we refer to as “phenomenology”–deriving some un- derlying theory to make a model that either predicts or explains an experimental result.
Discussed in The Einsteins of Wall Street by Jeremy Bernstein in the September 2004 Issue of Commentary
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