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| Tekijä: | McGoun, E.G. |
| Otsikko: | Finance models as metaphors |
| Lehti: | International Review of Financial Analysis
2003 : VOL. 12:4, p. 421-433 |
| Asiasana: | Derivative securities Models Options Pricing |
| Vapaa asiasana: | Metaphors |
| Kieli: | eng |
| Tiivistelmä: | Quantitative models in the social science of finance such as the Capital Asset Pricing Model (CAPM) and the Black-Scholes Option Pricing Model (OPM) are metaphors. They cannot be applied literally, but do provide us with figurative knowledge - an epistemologically meaningful from that might legitimately be called a "useful framework", as the CAPM is commonly referred to in textbooks. The scientific value of metaphors is described in this paper and it is discusses why the OPM ought to be seen as one and what this might mean. |
SCIMA