I’m so old, I remember Neil Ferguson’s projection of 2.2 million deaths in the U.S. by last spring, and Christopher Murray’s projection that NY would run out of ventilators (so we then built 200,000 ventilators that went unused).
Models are great. Except when they are garbage.
“Businesses like using models, because the numbers give them a sense of security,” said Tanya Fiedler, a lecturer at the University of Sydney and lead author of the paper. “It doesn’t necessarily mean the numbers are reliable.”
Source: Scientists warn over misuse of climate models in financial markets | Reuters
Update: My son, a research scientist (materials science engineering), reminds me “all models are wrong. But some are useful.” “
