Fallacy of the Log-Normal Approximation to Optimal Portfolio Decision-Making Over Many Periods (Classic Reprint) - Softcover
Synopsis
Excerpt from Fallacy of the Log-Normal Approximation to Optimal Portfolio Decision-Making Over Many Periods
Aside from its algebraic tractability, the mean-variance model has in terest because of its separation property. Therefore, great interest inhered in the cass-stiglitz elucidation of the broader conditions under which such a property must hold regardless of the probability distribution of rd turns. The Special families of utility functions with constant-relative risk aversions or constant-absolute - risk aversions further gained in inter est§ But it was realized that real-life utilities need not be of so simple a form.
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This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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Excerpt from Fallacy of the Log-Normal Approximation to Optimal Portfolio Decision-Making Over Many Periods
Aside from its algebraic tractability, the mean-variance model has in terest because of its separation property. Therefore, great interest inhered in the cass-stiglitz elucidation of the broader conditions under which such a property must hold regardless of the probability distribution of rd turns. The Special families of utility functions with constant-relative risk aversions or constant-absolute - risk aversions further gained in inter est§ But it was realized that real-life utilities need not be of so simple a form.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
About the Author
Robert C. Merton is George Fisher Baker, Professor of Business Administration, Harvard University.
Professor Paul A. Samuelson, founder of the renowned MIT graduate department of economics, was trained at the University of Chicago and Harvard. His many scientific writings brought him world fame at a young age, and in 1970 he was the first American to receive a Nobel Prize in economics. One of those rare scientists who can communicate with the lay public, Professor Samuelson wrote an economics column for Newsweek for many years. He testifies often before Congress, serves as academic consultant to the Federal Reserve, the U.S. Treasury, and various private, nonprofit organizations, and was economic advisor to American presidents including John F. Kennedy
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Paperback. Condition: New. Print on Demand. This book challenges the widely accepted theory that maximizing the expected average rate of return over long timelines will produce optimal returns for investors. The author posits that this logic is flawed and, in fact, a more conservative, diversified approach is more likely to generate better outcomes for investors. The author's work is well-researched and draws on a variety of sources to demonstrate the riskiness of popular portfolio management strategies. They conclude by suggesting that a more cautious approach to investing that focuses on long-term, steady growth is more likely to lead to investment success. For investors seeking a deep dive into the misconceptions and errors of the contemporary financial world, this book is an essential resource. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781332260744_0
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