The Modelers' Hippocratic Oath

Emanuel Derman and Paul Wilmott January 7 2009

  • 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.




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