Models.Behaving.Badly.: Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life - Book by Emanuel Derman
Emanuel Derman’s Models.Behaving.Badly examines the dangers of relying on mathematical models to understand complex systems, particularly in finance. Derman argues that models are simplifications of reality and can lead to disastrous outcomes when treated as truths. He discusses how models often ignore the unpredictable elements of human behavior and randomness, causing professionals to overestimate their understanding and control.Original Language: English
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