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It depends upon what the meaning of the word ‘is’ is.

I saw this conclusion on a website about the sociology of finance:

“Are the purveyors of models selling us lemons? At the core of the controversy, I believe, is a fundamental question that orthodox finance has not, to my knowledge, yet addressed: what is the practical accuracy of a theoretically correct model?”


If you tell me what you mean by ‘correct model’, I’ll tell you what the practical accuracy is.

Meanwhile, I have something I once wrote along these lines:…

Published in Models