The Modelers’ Hippocratic Oath

An insightful modeler’s manifesto on Wilmott.com that can be applied well beyond finance models:

MODELERS OF ALL MARKETS, UNITE! You have nothing to lose but your illusions.

The Modelers’ Hippocratic Oath

~ I will remember that I didn’t make the world, and it doesn’t satisfy my equations.

~ Though I will use models boldly to estimate value, I will not be overly impressed by mathematics.

~ I will never sacrifice reality for elegance without explaining why I have done so.

~ Nor will I give the people who use my model false comfort about its accuracy.
Instead, I will make explicit its assumptions and oversights.

~ I understand that my work may have enormous effects on society and the economy,
many of them beyond my comprehension.

This Manifesto can also be downloaded here (for logged in members of wilmott.com)