The Contribution of Modelling and Experimentation in Modern Business

Dimitris N. Chorafas

Chapter 3 in Modelling the Survival of Financial and Industrial Enterprises, 2002, pp 45-64 from Palgrave Macmillan

Abstract: Abstract ‘The sciences do not try to explain, they hardly even try to interpret, they make models’, Dr John von Neumann once suggested. ‘By a model is meant a mathematical construct which, with the addition of certain verbal interpretations, describes observable phenomena. The justification of such mathematical construct is solely and precisely that it is expected to work.’ Nowhere does the von Neumann principle apply better than in advanced studies and in helping management to avoid tunnel vision.

Keywords: Analogical Reasoning; Rocket Scientist; Financial Industry; Financial Analyst; Qualitative Criterion (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50173-7_3

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DOI: 10.1057/9780230501737_3

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