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Some Caveats for the Use of Forecating Models for Assessing Rates of Return in Workers’ Compensation

  • A. S. Paulson
  • R. L. Boylan
  • L. T. Lim
Part of the Huebner International Series on Risk, Insurance and Economic Security book series (HSRI, volume 16)

Abstract

A model, in the most general sense, is a simplified representation of reality, as it is, or as it is to come to be. The reality of interest may be a phenomenon, a system, a process, a living thing, that is, virtually anything. The simplification embodied in the representation may range from slight to extensive, from simple to highly sophisticated. All models are incorrect in some way; some models are useful; all, even good and correct models, are capable of being used in an inappropriate way. Complex economic models that have not been appropriately validated, preferably in at least two ways, are particularly dangerous.

Keywords

Cash Flow Compensation Insurance Accounting Information System Average IRRs Compensation Line 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Kluwer Academic Publishers 1993

Authors and Affiliations

  • A. S. Paulson
  • R. L. Boylan
  • L. T. Lim

There are no affiliations available

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