Journal ArticleDOI
Portfolio Theory: As I Still See It
TLDR
The authors summarizes the foundations of portfolio theory and its applications to current issues, such as the choice of criteria for practical risk return analysis, and whether some form of risk-return analysis should be used in fact.About:
This article is published in Review of Financial Economics.The article was published on 2010-11-01. It has received 106 citations till now. The article focuses on the topics: Investment theory & Replicating portfolio.read more
Citations
More filters
Journal ArticleDOI
Mean–variance approximations to expected utility
TL;DR: This paper reviews a half-century of research on mean–variance approximations to expected utility and concludes that the many studies in this field have been generally supportive of mean-variance analysis, subject to certain (initially unanticipated) caveats.
BookDOI
Mixed-Species Forests
TL;DR: Pretzsch et al. as discussed by the authors show that most forests are naturally mixed and species diverse, but the degree of species richness varies considerably and declines from tropical to temperate and boreal regions, and the compositional and structural diversity of man-made or secondary forests is in most cases substantially lower than in the original, unmanaged native forest.
Journal ArticleDOI
Agroforestry versus farm mosaic systems – Comparing land-use efficiency, economic returns and risks under climate change effects
TL;DR: This study demonstrates that agroforestry can be an economically efficient diversification strategy, but only if the design allows for economies of scope, beneficial interactions between trees and crops and higher income diversification compared to a farm mosaic.
Journal ArticleDOI
Biodiversity as insurance: from concept to measurement and application
Michel Loreau,Matthieu Barbier,Elise Filotas,Dominique Gravel,Forest Isbell,Steve Miller,José M. Montoya,Shaopeng Wang,Raphaël Aussenac,Rachel M. Germain,Patrick L. Thompson,Andrew Gonzalez,Laura E. Dee +12 more
TL;DR: Biological insurance theory predicts that, in a variable environment, aggregate ecosystem properties will vary less in more diverse communities because declines in the performance or abundance of some species or phenotypes will be offset, at least partly, by smoother declines or increases in others as discussed by the authors.
Journal ArticleDOI
Optimizing agricultural land-use portfolios with scarce data—A non-stochastic model
Thomas Knoke,Carola Paul,Fabian Härtl,Luz Maria Castro,Luz Maria Castro,Baltazar Calvas,Patrick Hildebrandt +6 more
TL;DR: In this article, a non-stochastic robust portfolio optimization approach is proposed for land-use portfolio selection in the context of agricultural crops. But the approach requires information on the covariance of uncertain returns between all combinations of the economic options and also assumes that returns are normally distributed.
References
More filters
Book ChapterDOI
Prospect theory: an analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
TL;DR: In this paper, the authors present a critique of expected utility theory as a descriptive model of decision making under risk, and develop an alternative model, called prospect theory, in which value is assigned to gains and losses rather than to final assets and in which probabilities are replaced by decision weights.
Journal ArticleDOI
Prospect theory: analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
Book
Theory of Games and Economic Behavior
TL;DR: Theory of games and economic behavior as mentioned in this paper is the classic work upon which modern-day game theory is based, and it has been widely used to analyze a host of real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations.
Journal ArticleDOI
Capital asset prices: a theory of market equilibrium under conditions of risk*
TL;DR: In this paper, the authors present a body of positive microeconomic theory dealing with conditions of risk, which can be used to predict the behavior of capital marcets under certain conditions.
Journal ArticleDOI
The Cross‐Section of Expected Stock Returns
Eugene F. Fama,Kenneth R. French +1 more
TL;DR: In this paper, Bhandari et al. found that the relationship between market/3 and average return is flat, even when 3 is the only explanatory variable, and when the tests allow for variation in 3 that is unrelated to size.