The role of models in economics and risk management

Rowe, David M.

Opinion/Comment

The role of models in economics and risk management

David M. Rowe

Journal of Risk Management in Financial Institutions, 7 (2), 103-109 (2014)

https://doi.org/10.69554/YWOW8601

Abstract

This paper presents and updates a paper which was delivered at the 1982 annual convention of the (US) National Association of Business Economists, and which transpired to be particularly prescient. An epilogue has been added to the original paper, in which the author gives a contemporary perspective, and concludes that risk models can be extremely useful in the practice of risk management.

Keywords: economic prediction; risk management; econometric models; tail risk; Law of Statistical Entropy

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Citation

Rowe, David M. (2014, March 1). The role of models in economics and risk management. In the Journal of Risk Management in Financial Institutions, Volume 7, Issue 2. https://doi.org/10.69554/YWOW8601.