In my title I quote George Box, who wrote, “Essentially, all models are wrong, but some are useful“. I wish economists would remember this more often. Statistics and Operations Research (and many other sciences) are based on the concept of a mathematical model. Aspects of a “real world” problem are quantified, analysed, explored, experimented with, sometimes even optimised, and the results are linked back to the original problem. This idea of a model is one we have tried to teach our students. It is a surprisingly difficult idea, and one that needs frequent revisiting. The following diagram is more complex […]