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- Title
Dealing with complex realities in financial modelling.
- Authors
Madan, Dilip B.; Eberlein, Ernst
- Abstract
This short piece is motivated by a desire to elucidate the role of mathematical modelling as applied in mathematical finance. It is argued that models are designed for the support of decisions in varied contexts forcing inconsistencies on occasion. The concept and validity of the idea of a true model is called into question, recognizing simultaneously that a model must be and will be applied. A sample of decisions helps to illustrate the issues.
- Subjects
FINANCIAL markets; DECISION making; QUANTUM theory; GRAVITY; PROBABILITY theory; QUANTITATIVE analysts; MATHEMATICAL models
- Publication
Current Science (00113891), 2012, Vol 103, Issue 6, p647
- ISSN
0011-3891
- Publication type
Article