Features of a good model Flashcards
1
Q
Acronym?
A
VARIABLE CRISPS CARD
2
Q
V
A
Valid
3
Q
A(1)
A
Adequate documentation
4
Q
R(1)
A
Rigorous
5
Q
I(1)
A
Inputs appropriate
6
Q
A(2)
A
Arbitage free
7
Q
B
A
Behavior appropriate
8
Q
L
A
Length / expense not too long
9
Q
E
A
Easy to understand
10
Q
C(1)
A
Communicable output
11
Q
R(2)
A
Reflects risk profile of contracts
12
Q
I(2)
A
Independent verification of results
13
Q
S(1)
A
Sensible joint behaviour of variables
14
Q
P
A
Parameters reflect all significant features
15
Q
S(2)
A
Simple whilst maintaining key features
