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Description Models.Behaving.Badly: Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life
Emanuel Derman was a quantitative analyst (Quant) at Goldman Sachs, one of the financial engineers whose mathematical models became crucial for Wall Street. The reliance investors put on such quantitative analysis was catastrophic for the economy, setting off the ongoing string of financial crises that began with the mortgage market in 2007 and continues through today. Here Derman looks at why people –– bankers in particular –– still put so much faith in these models, and why it′s a terrible mistake to do so. Though financial models imitate the style of physics and employ the language of mathematics, ultimately they deal with human beings. There is a fundamental difference between the aims and potential achievements of physics and those of finance. In physics, theories aim for a description of reality; in finance, at best, models can shoot only for a simplistic and very limited approximation to it. When we make a model involving human beings, we are trying to force the ugly stepsister′s foot into Cinderella′s pretty glass slipper. It doesn′t fit without cutting off some of the essential parts. Physicists and economists have been too enthusiastic to acknowledge the limits of their equations in the sphere of human behavior––which of course is what economics is all about. Models.Behaving.Badly includes a personal account of Derman′s childhood encounters with failed models––the oppressions of apartheid and the utopia of the kibbutz. He describes his experience as a physicist on Wall Street, the models quants generated, the benefits they brought and the problems, practical and ethical, they caused. Derman takes a close look at what a model is, and then highlights the differences between the successes of modeling in physics and its failures in economics. Describing the collapse of the subprime mortgage CDO market in 2007, Derman urges us to stop the naïve reliance on these models, and offers suggestions for mending them. This is a fascinating, lyrical, and very human look behind the curtain at the intersection between mathematics and human nature.
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(PDF) Models Behaving Badly: Why Confusing Illusion with ~ PDF / On Apr 1, 2012, M.A.H. Dempster published Models Behaving Badly: Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life, by Emanuel Derman / Find, read and cite .
003 Derman, Emanuel. Models behaving badly [electronic ~ Models behaving badly [electronic resource] : why confusing illusion with reality can lead to disaster, on Wall Street and in life / Emanuel Derman. Chichester, U.K. : Wiley, 2011. 003.7 Self-organizing networks [electronic resource] : self-planning, self-optimization and self-healing for GSM, UMTS, and LTE / editors, Juan Ramiro, Khalid Hamied.
Models. Behaving. Badly.: Why Confusing Illusion with ~ Models.Behaving.Badly includes a personal account of Derman's childhood encounters with failed models--the oppressions of apartheid and the utopia of the kibbutz. He describes his experience as a physicist on Wall Street, the models quants generated, the benefits they brought and the problems, practical and ethical, they caused.
Download Free Reading Book: Models.Behaving.Badly.: Why ~ Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life for free..? enjoy it. Now in paperback, âa compelling, accessible, and provocative piece of work that forces us to question many of our assumptionsâ (Gillian Tett, author of Foolâs Gold).
Models Behaving Badly: Why Confusing Illusion with Reality ~ (2012). Models Behaving Badly: Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life, by Emanuel Derman. Quantitative Finance: Vol. 12, High Frequency Data Analysis, pp. 509-511.
Models.Behaving.Badly.: Why Confusing Illusion with ~ Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life 231. . Models.Behaving.Badly. exposes Wall Streetâs love affair with models, . Download the Free NOOK App. Millions of eBooks to Read Instantly. Learn More .
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Models.Behaving.Badly.: Why Confusing Illusion with ~ Models.Behaving.Badly.: Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life continues this campaign. To illustrate why inanimate objects are fit subjects for the scientific method, unlike economic events driven by human decisions, Derman devotes one full chapter (out of six) to the history of electromagnetic theory.
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Models behaving badly : why confusing illusion with ~ Get this from a library! Models behaving badly : why confusing illusion with reality can lead to disaster, on Wall Street and in life. [Emanuel Derman] -- Describing the collapse of the subprime mortgage CDO market in 2007, Derman urges readers to stop relying on these financial models where possible, and offers suggestions for mending these models .
Models.Behaving.Badly: Why Confusing Illusion with Reality ~ Models.Behaving.Badly: Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life Emanuel Derman The reliance investors put on such quantitative analysis was catastrophic for the economy, setting off the ongoing string of financial crises that began with the mortgage market in 2007 and continues through today.
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Book Review: "Models.Behaving.Badly: Why Confusing ~ A topic of some importance and of some interest to moi. From Reading the Markets: Models.Behaving.Badly: Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life (Free Press, 2011) is a wise book by a man who has thought deeply about his life, and not just as a quant on Wall Street. Emanuel Derman reminisces about his youth as a member of Habonim (a coeducational .