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Wrong but not useless?

Posted: Thu Aug 23, 2007 3:33 pm
by ted
A review of the book How I Became a Quant (R.R. Lindsey and B. Schachter, Wiley)
that just appeared in the Wall Street Journal
quotes Thomas Wilson (Chief Insurance Risk Officer, ING Group) as saying
"A model is always wrong, but not useless."
Clearly he knows nothing about biology.