Saturday, February 5, 2011

Model Makers' Hippocratic Oath

Model Makers' Hippocratic Oath:
  • I will remember that I didn't make the world and that 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.

Via Statistical Modeling, Causal Inference, and Social Science

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