Risk, Return and Equilibrium.
Language: English
Published by Cambridge, The MIT Press, 1970
- Hardcover
- Used

Seller: Antiquariat Thomas Haker GmbH & Co. KG, Berlin, GermanyAntiquariat Thomas Haker GmbH & Co. KG
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- Title
- Risk, Return and Equilibrium.
- Author
- Stone, Bernell Kenneth:
- Publisher
- Cambridge, The MIT Press
- Publication year
- 1970
- Condition
- Gut
- Binding
- cloth
- Language
- English
- ISBN 10
- 0262190710
- ISBN 13
- 9780262190718
- Item weight
- 525 grams
- Seller catalogs
- Ökonomie-allgemein
Stone summarizes relevant aspects of the Markowitz theory of portfolio selection and presents a brief overview of the Sharpe, Lintner, and Mossin models in which asset selections are based on two parameters of choiceeither mean return and variance, or mean return and standard deviation. He then generalizes these models to objective functions that are still functions of two parametersexpected return (or expected wealth), and a general measure of risk. Stone introduces a new global measure of risk, relating it to existing work in the theory of risk, and presents and compares two alternative risk-return representations of expected utility: the Generalized Markowitz Criterion (GMC) and the Two-Parameter Functional Representation (TPFR). The author provides a general analysis of asset selection and market equilibrium and examines the GMC and TPFR in greater detail. Finally, he investigates existing models of capital market equilibrium formulated by Sharpe, Lintner, and Mossin, and analyzes these models according to the previously developed general model.
Mathematical analysis and logical reasoning are the basic methodological tools used in this work. The author has, however, taken care to present proofs and derivations in sufficient detail to make them easy to follow at a graduate level. Students of economics and finance (particularly those in advanced courses dealing with risk, asset selection, or capital markets) and professionals in the field will find the book rich in constructive new theoretical material.
"Synopsis" may belong to another edition of this title.
Antiquariat Thomas Haker GmbH & Co. KG
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