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Stress tests conducted this way can't avoid some subjective and simplified assumptions.
Hitting that and 10 operational targets could, on simplified assumptions, bag him up to $1.8 billion.
Economists, he writes, "make simplified assumptions about our world, build imaginary economies based on those assumptions – otherwise known as models – and use them to draw practical lessons".
"What economists otherwise do is make simplified assumptions about our world, build imaginary economies based on those assumptions – otherwise known as models – and use them to draw practical lessons".
But it is easy to get carried away by the elegance of the model, and to forget the short cuts that were taken when the simplified assumptions were made.Even the most basic assumptions of economics turn out to have exceptions.
Simplified assumptions allow the integration to be performed analytically.
They base their analyses on simplified assumptions such as demand is constant.
Firstly, previous buckling solutions are only approximate results with simplified assumptions.
Analytical solutions have been found with the separation of variables method for slightly simplified assumptions.
Unfortunately, these simplified assumptions do not conform to the real world conditions.
Heat-exchange characteristics and refrigeration design are currently based on highly simplified assumptions.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com