The Portfolio Theorists: Von Neumann, Savage, Arrow and Markowitz

Front Matter....Pages i-x
Introduction....Pages 1-5
A Roadmap to Resolve the Big Question....Pages 6-7
Front Matter....Pages 9-9
The Early Years of John von Neumann and Oskar Morgenstern....Pages 11-18
The Times and the Beginning of an Era....Pages 19-31
The Theory of von Neumann and Morgenstern....Pages 32-45
Applications and Elaborations of the von Neumann-Morgenstern Model....Pages 46-55
The Later Life and Legacy of von Neumann and Morgenstern....Pages 56-69
Front Matter....Pages 71-71
The Early Years....Pages 73-79
Friedman and Savage’s Times....Pages 80-90
The Theory of Friedman and Savage....Pages 91-105
Applications of the Concept of Subjective Probabilities....Pages 106-113
Life and Legacy....Pages 114-123
Front Matter....Pages 125-125
The Early Years....Pages 127-139
The Times....Pages 140-147
Arrow’s Great Idea....Pages 148-158
Applications of the Contingent Claims Model....Pages 159-164
Life, Legacy, and the Nobel Prize....Pages 165-170
Front Matter....Pages 171-171
The Early Years....Pages 173-176
The Times and a New Paradigm in Personal Finance....Pages 177-183
The Theory of an Efficient Portfolio....Pages 184-192
Front Matter....Pages 171-171
Applications of Portfolio Theory....Pages 193-199
Life, Legacy, and the Nobel Prize....Pages 200-203
Front Matter....Pages 205-205
Combined Contributions in Portfolio Theory....Pages 207-210
Conclusions....Pages 211-213
Back Matter....Pages 214-228