The New York Times had an article last week on the cadre of physicists that became quants in the financial industry (sub. req.). It features a refrain that echoes in just about every article about the credit crisis: models that worked, until they failed:
Another consequence is that when you need financial models the most — on days like Black Monday in 1987 when the Dow dropped 20 percent — they might break down.
The New York Times had an article last week on the cadre of physicists that became quants in the financial industry (sub. req.). It features a refrain that echoes in just about every article about the credit crisis: models that worked, until they failed:
Another consequence is that when you need financial models the most — on days like Black Monday in 1987 when the Dow dropped 20 percent — they might break down.
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