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Traditional portfolio optimization models specify placement of capital as rather irrevocably and fully at risk through investment horizon(s) or continuously. Under this constraint, asset class allocation typically serves as primary mode of diversification, pursuing risk moderation by seeking to...
Persistent link: https://www.econbiz.de/10013084090
the constraint that assets be fully and continuously invested is inconsistent with basic decision theory, as it disallows … in finance. We herein explore implications for the traditional ‘52'59 Markowitz approach to portfolio theory when the … incomplete Markowitz model. Relative to “Asset Price Trend Theory: Reframing portfolio theory from the ground up” (Dubois [2013 …
Persistent link: https://www.econbiz.de/10013049923
That the rationality of individual people is ‘bounded’ – that is, finite in scope and representational reach, and constrained by the opportunity cost of time – cannot reasonably be controversial as an empirical matter. In this context, the paper addresses the question as to why, if...
Persistent link: https://www.econbiz.de/10014150388
In Abhandlungen von Dorfman und Samuelson 1986 und van Suntum 1988 wird Thünen's berühmte Grabsteinformel unter Berücksichtigung seiner spezifischen Annahmen bestätigt. Allerdings wird Thüenen's Vorgehen zur Erzielung dieses Ergebnisses bis heute kontrovers diskutiert. Mit diesem Papier...
Persistent link: https://www.econbiz.de/10010319290
seiner "General Theory" widersprochen, seine "fellow economists" mit seiner Beschäftigungs-, Zins- und Geldtheorie dort …
Persistent link: https://www.econbiz.de/10012117675
Persistent link: https://www.econbiz.de/10012893892
In comparing Neoclassical economics with Austrian economics it is important to recognize first and foremost that Austrian economics is historically a school within the broader tradition of neoclassical economics. Austrian economics, unlike Institutionalism or Marxism or Post-Keynesianism, is not...
Persistent link: https://www.econbiz.de/10013116505
The conventional version of Austrian business cycle theory focuses on a temporary imbalance between natural and … ‘sustainable' in the Austrian theory but followed by an inevitable readjustment crisis …
Persistent link: https://www.econbiz.de/10013015512
's Principles of Economics in an axiomatic way. The purpose is to see to what extent Menger's theory is logically coherent or … whether it contains any contradictions. Then I provide further analysis on some other topics of Menger's theory.Table of … EconomicsChapter 3: A Mengerian Approach on the Phaenomenon of Interest as Part of an Exchange Chapter 4: Carl Menger's theory and the …
Persistent link: https://www.econbiz.de/10012941635
The socialist calculation debate occurred simultaneously with the development of increasingly idealized neoclassical market models in the early decades of the 20th century. Nonetheless, free market neoclassical economists were conspicuously absent from that debate, leaving the pro-market case to...
Persistent link: https://www.econbiz.de/10012917561