Similar ambivalence the capacity both to be committed to a model and, simultaneously, to doubt the extent of its empirical validity can be found in regard to more specific models. Black and Scholes, for example, drew crucially on the Capital Asset Pricing Model. However, they also knew (indeed, they had themselves showed in their collaboration with Jensen) that the empirical accuracy of the model, at least in its original form, was questionable, and they were involved in the proposal discussed in chapter 4 for an investment fund that would exploit this.

Donald MacKenzie, An Engine, Not a Camera, loc. 1116