002 PONTIFICIAE ACADEMIAL SCIENTIARVM SCRIPTA VARIA - 28

in the past, and I am sure it can still render great services in the
ature. This is well illustrated by Professor ALIAIS’ results.

ALLAIS

As far as the HAAVELMO objection is concerned, I would say
that naturally every model involves certain simplifications. I do
not say that this model can represent absolutely the whole of reality.
But the hypotheses of the model seem to be quite appealing and
they are justified by the empirical research undertaken. Now the
conclusions of the model are in complete agreement with facts
Thus, perhaps we can accept this theory at least as a provisional
conclusion.

111 Allais - pag. 306