May 11, 2011 § Leave a comment

The authors of [Gallegatti et al.] are correct that the so-called ‘rigorous and robust’ methods of statisticians have generally not been used in econophysics, and for good reasons. In our group we begin with market histograms and then deduce an empirical model. We have no mathematical model in mind a priori. We do not ‘massage’ the data.

Joseph L. McCauley, Response to “Worrying Trends in Econophysics”

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