Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6547150030359322625
“It is better to be approximately right, than precisely wrong.” That is the key practical insight in use and misuse of p-values, confidence intervals, as well as other statistical artifacts: #Frequentist, #Bayesian, and, others. More in: Research Presentation at: 2016 Princeton Quant Trading Conference, Princeton University: Beyond Model Risk Management to Model Risk Arbitrage for FinTech Era: How to Navigate ‘Uncertainty’…When ‘Models’ Are ‘Wrong’…And Knowledge’…‘Imperfect’! Knight Reconsidered Again: Risk, Uncertainty, & Profit Beyond ZIRP & NIRP: https://lnkd.in/dJ-Gnxx .
#Science #Evidence #Data #DecisionMaking #Performance
Princeton Presentations on #ModelRisk, #ModelRiskManagement, & #ModelRiskArbitrage: https://lnkd.in/ejJGehy .
It is this true uncertainty, and not risk, as has been argued, which forms the basis of a valid theory of profit and accounts for the divergence between actual and theoretical competition…
– Frank Knight in Risk, Uncertainty & Profit
More on #use & #misuse of #Math, #Statistics, #Probability, #Stochastic, #MathematicalModels, #ProbabilisticModels, #StatisticalModels , and, #ModelRisk, #ModelRiskManagement , #ModelRiskArbitrage , #VaR , #ValueAtRisk , #ExpectedShortfall , #RiskModeling , #UncertaintyManagement:
https://lnkd.in/eR6439j
