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Errors in Prognostication

In: Modelling the Survival of Financial and Industrial Enterprises

Author

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  • Dimitris N. Chorafas

Abstract

The general rule discussed throughout this book, and explained through practical examples is that we construct conceptual models in order to simplify, idealise, understand, gain insight, exercise foresight and take action. But as we have also seen, like any other thing in life models are not fool-proof. In fact, the same is true of every theory ever invented.

Suggested Citation

  • Dimitris N. Chorafas, 2002. "Errors in Prognostication," Palgrave Macmillan Books, in: Modelling the Survival of Financial and Industrial Enterprises, chapter 12, pages 247-267, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50173-7_12
    DOI: 10.1057/9780230501737_12
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