(Un)Fit for purpose

(May 26, 2014)

Academics lay great store by anonymous peer review and in openly publishing their results.  There are good reasons for this - anonymous peer review allows expert third parties (usually two) to challenge assumptions without fear of retribution, while open publishing allows others to test things and find their limitations.  For example, the model from Lee & Carter (1992) has been thoroughly researched over the past two decades, and its limitations are well known.  However, the Lee-Carter model has stood the test of time in no small part because these limitations have been publicly documented by other researchers.

One advantage of all this open publication is that major problems can be spotted and brought…

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Tags: Lee-Carter, Renshaw-Haberman, model risk

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