Giorgi, Enrico De - Institut für Volkswirtschaftslehre, …
axiomatic model of risk-averse preferences, where decision makers are assumed to possess an expected utility function and the … proposed by Markowitz (1952), is very intuitive and reduces the portfolio choice to a set of two criteria, reward and risk …, with possible tradeoff analysis. Usually the reward-risk model is not consistent with the first approach, even when the …