Local Transport Today is the authoritative, independent journal for transport decision makers. Analysis, Comment & News on Transport Policy, Planning, Finance and Delivery since 1989.

Extracts from the financial modellers’ manifesto

In the last issue we covered a new report by Yaron Hollander, a former Transport for London modelling manager, looking at ten misuses of transport models. This is one of a selection of responses from within the modelling community

Emanuel Derman and Paul Wilmott
27 November 2015
 

“Physics, because of its astonishing success at predicting the future behaviour of material objects from their present state, has inspired most financial modelling. Physicists study the world by repeating experiments over and over again to discover forces and their almost magical mathematical laws. If a law is proposed and its predictions contradict experiments, it's back to the drawing board. The method works. The laws of atomic physics are accurate to more than ten decimal places.

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