Risk Aversion and Portfolio Choice, Vydání 19

analysis assumed assumption behavior bonds capital gains carry-forward cent changes choice components consols consumption function correlation covariance matrix Cowles Foundation defined demand for cash derived distribution of returns dividend Dow-Jones index Economics equation equities estimated expected return expected utility expected value Figure gain or loss hold risky assets implies increase indices indifference curves individual interest rate investment balances investment period investors James Tobin linear liquidity preference loss offset margin loans marginal utility Markowitz mean measure of risk monetary MR-SR negative opportunity locus parameters Portfolio Composition portfolio selection positive possible Price index probability distribution progressive tax proportional tax quadratic rate of interest rate of return reduce return index shift short sales slope standard deviation stock prices subperiod Table theory Tobin transactions U.S. Steel utility function utility of returns utility of wealth variance vector weights X₁ yield zero