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Why better models do not always lead to better decisions

Why better models do not always lead to better decisions

Samakovitis, Georgios (2015) Why better models do not always lead to better decisions. The Banker.

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Abstract

It was the environmental academic Jerome Ravetz who said: “We believe in numbers, just because they are numbers.” Other science historians, including Theodore Porter, have long held the same view. This statement could not be more relevant as the global economy recovers from the biggest financial crisis since 1929. Many in management privately agree that we use numerical decision models with near religiousness, to convince that our decisions are scientifically robust, as few will doubt a well-founded, widely accepted mathematical model: we call on the legitimacy of arithmetic to persuade rather than prove.

Item Type: Article
Uncontrolled Keywords: Uncertainty, e-banking, Decision-making, Numerical models, Investment
Faculty / Department / Research Group: Faculty of Architecture, Computing & Humanities
Faculty of Architecture, Computing & Humanities > Department of Computing & Information Systems
Related URLs:
Last Modified: 02 Jun 2017 15:29
Selected for GREAT 2016: GREAT a
Selected for GREAT 2017: GREAT a
Selected for GREAT 2018: None
Selected for GREAT 2019: None
URI: http://gala.gre.ac.uk/id/eprint/15453

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