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Metaphors, Models & Theories

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  • Emanuel Derman

    (Prisma Capital Partners, Columbia University, USA)

Abstract

Theories deal with the world on its own terms,absolutely. Models are metaphors,relativedescriptions of the object of their attention that compare it to something similar already better understood via theories. Models are reductions in dimensionality that always simplify and sweep dirt under the rug. Theories tell you what something is. Models tell you merely what something is partially like.

Suggested Citation

  • Emanuel Derman, 2011. "Metaphors, Models & Theories," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 1(01), pages 109-126.
    • Handle: RePEc:wsi:qjfxxx:v:01:y:2011:i:01:n:s2010139211000031
    DOI: 10.1142/S2010139211000031
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    References listed on IDEAS

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    1. John Maynard Keynes, 2010. "Essays in Biography," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-59074-2, March.
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    Cited by:

    1. Álvaro Chamizo & Alexandre Fonollosa & Alfonso Novales, 2019. "Forward-looking asset correlations in the estimation of economic capital," Documentos de Trabajo del ICAE 2019-25, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    2. Chamizo, Álvaro & Fonollosa, Alexandre & Novales, Alfonso, 2019. "Forward-looking asset correlations in the estimation of economic capital," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 61(C), pages 264-288.
    3. Ravenscroft, Sue & Williams, Paul F., 2021. "Sustaining discreditable accounting research through ignorance: The mainstream elite’s response to the 2008 financial crisis," Accounting, Organizations and Society, Elsevier, vol. 95(C).

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