“A bank needs models to measure risk. The problem, however, is that any one bank can measure its risk, but it also has to know what the risk taken by other banks in the system happens to be at any particular moment.” KnowsNeedsMomentsProblemHappensTakenRiskParticularModelsScholes Author:Myron Scholes
“All models have faults - that doesnt mean you cant use them as tools for making decisions.” MeanUseDecisionModelsToolsFaultsCantMaking Decisions Author:Myron Scholes
