Word: overreactionã
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...recent years—used everywhere from hedge funds to central banks—that drastically curtailing their use would cause more harm than good.Laibson calls pundits’ suggestions that the failures of risk modeling demonstrate the failure of mathematical modeling at large an “extreme overreaction?? to the events of recent months.“I’m quite convinced if we threw out all mathematics in our efforts to model the financial world, we’d be shooting ourselves in the foot,” he says.Economists acknowledged that the crisis...
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