I had a similar, albeit intuitive rather than empirical, thought in the June '09 post "Climateer Investing on Carbon Trading and Traders":
...Just as an economist using the tools of science (mathematics) doesn't make economics a science, carbon traders using the tools of markets doesn't make carbon trading market based....From the abstract at Physics arXive:
The quantitative aspirations of economists and financial analysts have for many years been based on the belief that it should be possible to build models of economic systems - and financial markets in particular - that are as predictive as those in physics.HT: Improbable Research
While this perspective has led to a number of important breakthroughs in economics, "physics envy" has also created a false sense of mathematical precision in some cases. We speculate on the origins of physics envy, and then describe an alternate perspective of economic behavior based on a new taxonomy of uncertainty.
We illustrate the relevance of this taxonomy with two concrete examples: the classical harmonic oscillator with some new twists that make physics look more like economics, and a quantitative equity market-neutral strategy. We conclude by offering a new interpretation of tail events, proposing an "uncertainty checklist" with which our taxonomy can be implemented, and considering the role that quants played in the current financial crisis...
After the Crash: How Software Models Doomed the Marketsand more generally:
Insurance: "CEO FORUM: Gen Re's Tad Montross on model dependency" (BRK.A)
"Airspace Closure Was Exacerbated by Too Much Modeling, Too Little Research"
The problem with models?:
"The map is not the territory"...
-Alfred KorzybskiHow Models Caused the Credit CrisisObama: Swedish Model Would Be Impossible Here
Quants Lose that Old Black (Box) Magic
Finance: "Blame the models"
Climate Models Overheat Antarctica, New Study Finds
Climate modeling to require new breed of supercomputer
Computer Models: Climate scientists call for their own 'Manhattan Project'
Computer Models: " Misuse of Models" and "No model for policymaking"
Climate prediction: No model for success
Climate Models and Modeling
Based on Our Proprietary "What's on T.V." Timing Model...
How many Nobel Laureates Does it Take to Make Change...And: End of the Universe Puts
The New Math (Quant Funds)
Modeling*: The Map is Not the Territory
Inside Wall Street's Black Hole
Computer Models: Models’ Projections for Flu Miss Mark by Wide Margin
The Swedish ModelAs the [college] site that I lifted the picture from said:
(okay, sorry we know its tacky)
[hey, come on we're an all boy's team, what'd you expect!]