Models Didn’t Bring Down Wall Street; People Brought Down Wall Street

In the aftermath of Wall Street's meltdown "burn the mathematics" seems an apt rallying cry for the day: yet despite anyone's wishes to the contrary economic and financial modeling is not going away. You can’t fully hedge model risk – that is true. But you can mitigate model risk through the application of robust decision-making processes. It may sound heretical at the moment given...