Unlike many other discussions of the 1987 crash (for example, by the Brady Commission), Leland and Gennotte's explanation of the role of portfolio insurance in the crash involves an explicit economic model. Ultimately, however, it is no more provable (or disprovable) than other explanations of the crash. It has, however, an important aspect: its explicit link to "sunshine trading," a means of repairing the rational market.

Donald MacKenzie, An Engine, Not a Camera, loc. 876