“The central challenge of financial valuation is categorising risk then putting a price on it,” said Emanuel Derman, the former head of Goldman Sachs’ quantitative strategies group, and Risk columnist, in a presentation at the Risk 2002 Congress in Paris in April (Risk June 2002, page 81). Unfortunately, advanced intelligent computer techniques do not have anything to offer in this regard, he said, echoing a common criticism of artificial intelligence (AI): that its proponents promised more
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