Hausman's - Realism of the assumptions of an hypothesis

Why look under the hood? In the particular context of the Black-Scholes-Merton model, Mandelbrot's models, or Sornette's log-periodic power law, evaluate Hausman's (2007, p.186) claim:

"Even if all one cares about is predictive success in some limited domain, one should still be concerned about the realism of the assumptions of an hypothesis and the truth of its irrelevant or unimportant predictions." Readings:
Hausman's - https://personal.lse.ac.uk/gyenisb/physcity/pdf/Hausman_PhilosophyOfEconomicsAnthology.pdf
Black-Scholes-Mertons - https://personal.lse.ac.uk/gyenisb/physcity/pdf/MacKenzie2006.pdfhttps://personal.lse.ac.uk/gyenisb/physcity/lecture8.html
Mandelbrots models - https://personal.lse.ac.uk/gyenisb/physcity/lecture9.html
Sornette's log-periodic power law - https://personal.lse.ac.uk/gyenisb/physcity/lecture10.html
Please note that most of the pages in the readings for the 'Black-Scholes-Merton model' aren't relevant.

To best identify relevant pages I recommend doing a CTRL+F and searching 'Black-Scholes-Merton model' in the documents to find the pages important. Having said that do still pay attention to the other pages as they may still contain valuable information.

The File1,2,3 are attached as documents. Please note it is not a requirement by any means to use every source. Use as many as you wish provided the referencing is done well.

THESE ARE ADDITIONAL GENERIC INSTRUCTIONS: PLEASE READ CAREFULLY AND ALWAYS KEEP IN MIND WHEN WRITING YOUR ESSAY. Writing Philosophy: You'll only really learn to write a good philosophical essay through practice; but again a few hints can be given.

Always answer the question you have been asked. The main structure of your essay should be dictated by the “question” and, where it really is a question, you should come to some explicit answer to it – even if this is mixed or complex.

Suppose, for example, you were set the question ‘Did Hume show that induction is a rationally indefensible process?’ Then the conclusion of your essay might be something like ‘So, did Hume show that induction is a rationally indefensible process? I have argued that, relative to one conception of rationality, Hume succeeded; but I have also shown that there is an equally plausible conception under which induction can count as rational, despite Hume's strictures.’

Or suppose that you are asked ‘Is the moral act always the one that produces the greatest total well-being?’ Then the essay might end with ‘I have argued that there are cases where this utilitarian maxim would lead one to act in a way that is clearly immoral intuitively and hence that the maxim is not generally true.’

Or perhaps: ‘I have argued that, although some philosophers have argued that there are cases where acting to promote greatest total well-being would lead one to act immorally, in fact, on analysis, these alleged counter-examples dissolve, leaving the utilitarian maxim unrefuted.’ Target audience.

Your target audience should be the ‘educated layman’, that is, someone who is clever, sympathetic, but has not read the particular material that you have been reading and on which your essay is based (or maybe s/he only dimly remembers most of it).

Having such a target will force you to try to give a clear account of the material at issue; if instead you plunge into a detailed discussion that presupposes that material, it won't be clear (not even to yourself) whether you have really understood it.

Use your own words. Although we do not usually expect originality (after all, the people you will be reading have been thinking about the issues for years, not weeks), we do expect you NOT to write an essay by simply copying chunks from the reading.

To do so without reference amounts to plagiarism; you should always cite the author when you do quote. But you should in any event avoid long quotations. The occasional very sharp quotation is fine, but in general you should use your own words even when you are straightforwardly describing someone else's position. One way to ensure you do this is to put the books aside when you are writing (consulting them again only when you get stuck).

You obviously haven't understood someone's position if you can't re-express it independently. Style. Do not aim to impress with your erudition and capacity to write long intricate sentences involving long words. Try to express your views (and those of the authors you report) as simply and concisely as possible.

A good test is to read your essay out loud: if it sounds awkward, re-express it more simply. 8 Scholarly apparatus. When you paraphrase or quote a piece, give a full reference, including a page number (or, in some cases, such as classic texts, a section, paragraph and line number), in any of the standard formats (see any contemporary article or book published with a leading press for an acceptable way of citing).

In summary, each essay is evaluated on the basis of the following. Expression and style Structure and organisation Understanding and use of literature Quality of analysis and evaluation Quality of argument Independence and originality We would further add that a good essay always begins by stating a clear thesis in the introduction, and its aim is to formulate a valid, compelling argument over the course of the essay.


Hausman's - Realism of the assumptions of an hypothesis

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