> is actually a very valuable contribution to science and society -- what are the point of such models if they don't work Agreed. Some papers just say, "We tri

> is actually a very valuable contribution to science and society -- what are the point of such models if they don't work Agreed. Some papers just say, "We tried this and it doesn't work", and that's a contribution, too. I would just like to point out that there is a good amount of unwarranted drama that overemphasizes his contribution and unnecessarily attacks fundamental contributions like the Black-Scholes model. It's especially appealing to the larger public who are looking for a black & white "us vs. them" simplified explanation for the financial crisis.