The role of models in economics and risk management

David M. Rowe

Journal of Risk Management in Financial Institutions, 2014, vol. 7, issue 2, 103-109

Abstract: This paper presents and updates a paper which was delivered at the 1982 annual convention of the (US) National Association of Business Economists, and which transpired to be particularly prescient. An epilogue has been added to the original paper, in which the author gives a contemporary perspective, and concludes that risk models can be extremely useful in the practice of risk management.

Keywords: economic prediction; risk management; econometric models; tail risk; Law of Statistical Entropy (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:aza:rmfi00:y:2014:v:7:i:2:p:103-109

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