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The Contribution of Modelling and Experimentation in Modern Business

In: Modelling the Survival of Financial and Industrial Enterprises

Author

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  • Dimitris N. Chorafas

Abstract

‘The sciences do not try to explain, they hardly even try to interpret, they make models’, Dr John von Neumann once suggested. ‘By a model is meant a mathematical construct which, with the addition of certain verbal interpretations, describes observable phenomena. The justification of such mathematical construct is solely and precisely that it is expected to work.’ Nowhere does the von Neumann principle apply better than in advanced studies and in helping management to avoid tunnel vision.

Suggested Citation

  • Dimitris N. Chorafas, 2002. "The Contribution of Modelling and Experimentation in Modern Business," Palgrave Macmillan Books, in: Modelling the Survival of Financial and Industrial Enterprises, chapter 3, pages 45-64, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50173-7_3
    DOI: 10.1057/9780230501737_3
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