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...used existing mathematical models of the biological clock developed by others to predict the effects of temperature changes on the in vitro clock. He then compare the predictions from the model to experimental data...
...insist on rational expectations theories and EMH as the best predictors of human and market behavior. Put simply, their point is that mistakes may be made, but economics as a field can only be useful with mathematical modeling as the central pillar of analysis. Based on growing amounts of data, models may be incomplete, yet they are also perfectible. Such trust is essential, since it assumes that fully determined outcomes are possible and that more data can overcome any shortcoming...
...would tell you that everything happening is perfectly rational: The efficient market hypothesis of ash cloud flying calls for airline financial ruin, outrageous train prices, and a market for jets at the Dorchester. The market would have predicted it all, if only our models had incorporated Eyjafjallajökull data...
...most of us have been, into every corner of our minds.” Fully determined models, for ash clouds or financial markets, may be resilient, but they are intrinsically incomplete, for they account for neither the inherent unpredictability of human action nor the intractability of certain data...
...second idea further complicates the ideological position of traditional econometricians by borrowing heavily from physicist Werner Heisenberg’s principle of uncertainty. If the observer adds an element of uncertainty by the mere fact of observing, then fully determined prediction is not a matter of how much data one can gather. Rather, it is “computationally intractable,” meaning that if there were an answer, the amount of data required to compute it is beyond not only our current methods, but anything we could ever achieve—we just cannot expect computers to model...