Publication Information

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'models': [41, 65, 381, 2846], 'investment': [43, 483, 568, 968, 1284, 1293, 1372, 1425, 1454, 1475, 1872, 2017, 2045, 2189, 2198, 2232, 2276, 2351, 2394, 2408, 2420, 2589, 3190, 3335, 3477, 3841, 3851, 3864, 5499], 'under': [44, 386, 473, 563, 778, 894, 1563, 1683, 2485, 2573, 3104], 'certainty,': [47], 'pervasive': [49], 'influence': [50, 352], 'risk': [52, 263, 287, 334, 346, 364, 933, 2059, 3733, 4086, 4461, 4519, 4575, 4584, 4746, 4780, 4810, 5332, 5341], 'in': [53, 60, 141, 155, 160, 282, 336, 416, 585, 655, 703, 805, 936, 1042, 1053, 1126, 1139, 1210, 1221, 1265, 1304, 1330, 1363, 1592, 1607, 1776, 1869, 1896, 1906, 1939, 2092, 2133, 2161, 2172, 2233, 2264, 2297, 2344, 2401, 2470, 2542, 2639, 2714, 2777, 2839, 2867, 2882, 2918, 2955, 2976, 2979, 3011, 3019, 3023, 3039, 3133, 3140, 3183, 3261, 3303, 3336, 3357, 3393, 3405, 3409, 3507, 3593, 3615, 3654, 3814, 3842, 3852, 3871, 3879, 3903, 3961, 3999, 4093, 4367, 4374, 4408, 4438, 4497, 4500, 4509, 4568, 4613, 4617, 4684, 4722, 4792, 4857, 4870, 4877, 5170, 5175, 5222, 5247, 5336, 5344, 5374, 5402, 5438, 5453, 5516, 5565], 'financial': [54, 843, 2826, 5558], 'transactions': [55], 'forced': [57], 'working': [59], 'this': [61, 579, 628, 784, 819, 1211, 1380, 1459, 1593, 1892, 2259, 2374, 2543, 2643, 2834, 2886, 2928, 3499, 3508, 3580, 3618, 4513, 4777, 4850, 5306, 5439], 'area': [62, 1317, 3260, 3306], 'adopt': [64], 'price': [67, 232, 253, 285, 321, 857, 3122, 3156], 'are': [70, 196, 908, 934, 940, 1014, 1514, 1576, 1735, 1884, 2147, 2226, 2337, 2759, 2784, 3418, 3629, 3979, 4091, 4717, 4732, 4937, 5398], 'little': [71, 357, 5513], 'more': [72, 555, 575, 716, 1807, 2272, 2324, 3197, 3290, 3866, 4718], 'than': [73, 1737, 1750, 2277, 2700, 3867, 4729, 5519], 'assertions.': [74], 'A': [75, 144, 649, 1117, 1382, 1477, 1500, 1560, 1822, 1930, 2750, 3350, 3369, 3832], 'typical': [76, 3763], 'classroom': [77], 'explanation': [78, 5257], 'determination': [81, 880], 'asset': [84, 166, 325, 338, 384, 776, 860, 883, 2040, 2103, 2111, 2859, 3111, 3222, 3240, 3769, 3802, 3821, 3843, 3872, 3896, 3905, 4358, 4587, 4765, 5244], 'prices,': [85, 2860], 'for': [86, 139, 448, 637, 904, 918, 1016, 1780, 1787, 1933, 1945, 2028, 2085, 2301, 2467, 2712, 3237, 3283, 3468, 3672, 3688, 4087, 4504, 4826, 5195, 5258, 5498, 5549], 'example,': [87, 3361], 'usually': [88, 1885], 'begins': [89], 'careful': [92], 'and': [93, 104, 251, 326, 404, 432, 443, 503, 517, 598, 603, 608, 658, 668, 729, 861, 910, 928, 1005, 1037, 1091, 1111, 1246, 1403, 1411, 1420, 1433, 1517, 1543, 1553, 1561, 1597, 1926, 2012, 2058, 2117, 2140, 2158, 2170, 2235, 2438, 2510, 2592, 2773, 2787, 2812, 2913, 3014, 3100, 3144, 3178, 3208, 3215, 3391, 3425, 3569, 3645, 3667, 3731, 3746, 3772, 3804, 3823, 3882, 3976, 4049, 4104, 4290, 4360, 4548, 4630, 4811, 4865, 4874, 4935, 4995, 5091, 5155, 5269, 5282, 5393], 'relatively': [94, 1878, 2640, 4072], 'rigorous': [95, 583], 'description': [96], 'process': [99, 481, 566, 2418, 3187], 'through': [100, 2898, 2946, 2965, 3117, 3489], 'individual': [102, 550, 891, 925, 1963, 2010, 2033, 3625, 3689, 5278], 'preferences': [103, 1052, 2892, 2941], 'physical': [105, 297], 'relationships': [106], 'interact': [107], 'determine': [109], 'an': [110, 337, 435, 830, 859, 967, 1137, 1324, 1483, 1983, 2039, 2042, 2452, 2646, 2888, 2959, 3045, 3110, 3138, 3256, 3334, 3773, 4032, 4473, 4744, 4808, 5277, 5361, 5428], 'equilibrium': [111, 773, 902, 2083, 2713, 2817, 3257, 3655, 5451], 'pure': [112, 237, 2156, 2168, 2239, 2255, 2473, 2695, 2727, 2910, 3331, 3840, 4275, 5408], 'interest': [113, 238, 2240, 2476, 2696, 2911, 3018, 4276, 5409], 'rate.': [114, 2241, 4277], 'This': [115, 1773, 2095, 2306, 2460, 3060, 3440, 3632, 3898, 3946, 4377, 4541, 4591, 4735, 5251, 5425], 'generally': [117, 1021, 2533], 'followed': [118], 'by': [119, 218, 241, 543, 596, 1081, 1099, 1122, 1301, 2081, 2164, 2228, 2290, 2465, 2667, 2753, 2894, 2924, 2943, 3005, 3325, 3367, 3374, 3386, 3558, 3915, 4393, 4483, 5355, 5400], 'assertion': [121], 'that': [122, 171, 343, 472, 479, 541, 698, 789, 828, 1000, 1023, 1083, 1092, 1286, 1328, 1458, 1486, 1507, 1519, 1523, 1751, 1891, 2097, 2188, 2513, 2833, 3288, 3404, 3432, 3445, 3623, 3653, 3857, 3900, 3982, 4010, 4053, 4361, 4372, 4398, 4415, 4714, 4822, 5150, 5180, 5261, 5291, 5305, 5447, 5478], 'somehow': [123], 'market': [125, 153, 191, 225, 772, 907, 913, 2717, 3250, 3705, 3940, 3959, 4030, 4038, 4063, 4258, 4611, 5456, 5472], 'risk-premium': [126], 'also': [128, 197, 1078, 2062, 3892, 5487], 'determined,': [129], 'prices': [132, 167, 777, 923, 2875, 3036, 3129, 3223, 3234, 3641], 'assets': [134, 927, 2011, 2107, 2435, 2579, 2922, 2998, 3010, 3021, 3038, 3131, 3272, 3417, 3644, 3699, 3777, 4021, 4089, 4621, 4715, 4828, 4863, 5169, 5483], 'adjusting': [135], 'accordingly': [136], 'account': [138, 4503], 'differences': [140], 'their': [142, 2496, 2637, 3015, 3055, 3141, 3483, 3728, 3743, 4448, 5311], 'representation': [146, 3292], 'view': [149, 2840, 2864], 'implied': [154, 2080], 'such': [156, 305, 514, 829, 1114, 1197, 1311, 1320, 1784, 2076, 2182, 3069, 3201, 3255, 3535, 3586, 3685, 3714, 3811, 3924, 3951, 4055, 4605, 5217, 5391], 'discussions': [157, 195], 'illustrated': [159, 4791], 'Figure': [161, 1045, 1331, 1545, 2134, 2213, 2402, 2883, 3252, 3262, 3410, 3759, 3928, 4618, 4793, 5176, 5223], '1.': [162], 'In': [163, 222, 369, 898, 1532, 2212, 2707, 2885, 2987, 3492, 3579, 3927, 5441], 'equilibrium,': [164, 3962], 'have': [168, 378, 1026, 1323, 1538, 2113, 3651, 4627, 4725, 4819, 4846, 5085, 5475], 'adjusted': [169], 'so': [170, 342, 4397, 4713], 'investor,': [173], 'if': [174, 1389, 2149, 2318, 2334, 2384, 2405, 2601, 2612, 2650, 3479, 3985, 4351], 'he': [175, 1142], 'follows': [176], 'rational': [177], 'procedures': [178], '(primarily': [179], 'diversification),': [180], 'able': [182, 2734], 'attain': [184], 'any': [185, 313, 1745, 2101, 2274, 2988, 3561, 5132, 5198, 5207], 'desired': [186, 5087], 'point': [187, 1303, 1821, 1834, 1862, 2194, 2205, 2415, 2447, 2583, 2619, 2925, 3072, 3108, 3349, 3352, 3368, 3382, 3490, 3944, 3971], 'along': [188, 1448, 1583, 1766, 2121, 2143, 2175, 2218, 2312, 2329, 3114, 3318, 3346, 3422, 3545, 3602], 'line.11': [192], 'some': [194, 331, 1268, 1314, 2150, 2159, 2229, 2538, 2635, 2658, 2855, 2904, 3166, 3277, 3337, 3375, 3894, 3916, 4017, 4831, 5551], 'consistent': [198, 837, 1202, 3725, 3740, 5465, 5490], 'non-linear': [201, 1218, 1248], '(but': [202], 'monotonic)': [203], 'curve.': [204, 1456, 2211], 'He': [205], 'may': [206, 1298, 2566, 3716, 5129, 5204], 'obtain': [207, 2444], 'higher': [209, 945, 1062, 1413, 1418, 4726, 5420], 'expected': [210, 258, 440, 946, 1089, 2053, 2769, 3047, 3056, 3142, 3665, 3729, 3744, 4078, 4191, 4727, 4787, 4813, 5163, 5280, 5394, 5421, 5505], 'rate': [211, 239, 1985, 2054, 2157, 2169, 2256, 2363, 2474, 2697, 2728, 2912, 3332, 4079, 5146, 5213, 5238, 5363], 'return': [213, 259, 1471, 2056, 3048, 3666, 3671, 3730, 4081, 4192, 4356, 4427, 4478, 4755, 5148, 5166, 5183, 5215, 5240, 5281, 5294, 5365, 5406, 5506], 'on': [214, 353, 438, 612, 759, 818, 852, 1242, 1346, 1863, 2041, 2051, 2063, 2294, 2448, 2547, 2554, 2622, 2740, 2763, 3247, 3495, 4295, 4479, 4634, 4670, 4676, 4756, 4998, 5121, 5314], 'his': [215, 417, 1093, 1140, 1290, 1907, 2530, 2613, 2865, 2906, 2953, 2970, 2983], 'holdings': [216, 2520, 2536, 2556], 'only': [217, 1011, 1391, 1440, 2050, 2575, 2655, 2995, 3270, 3592, 4821, 5290, 5357], 'incurring': [219], 'additional': [220, 257, 2973], 'effect,': [223], 'presents': [226], 'him': [227, 1297, 1345, 2616, 2931], 'two': [229, 490, 1256, 1364, 1474, 1498, 1512, 1564, 1574, 1589, 1609, 1857, 2130, 2720, 3562, 3607, 4430, 4862, 5435], 'prices:': [230], 'time,': [234], 'or': [235, 743, 1415, 1980, 2104, 2441, 2691, 2737, 3169, 3327], '(shown': [240], 'intersection': [243], 'line': [246, 914, 1245, 1586, 1771, 2124, 2145, 2316, 2399, 2624, 3320, 3423, 3481, 3575, 3941, 3960, 4039, 4064, 4259, 4284, 4612, 4636, 5000, 5124], 'horizontal': [249, 1865, 3281], 'axis)': [250], 'risk,': [255, 1315, 3753], 'per': [260], 'unit': [261], 'borne': [264], '(the': [265, 4573], 'reciprocal': [266], 'slope': [269, 1816, 4486], 'line).': [272, 5473], 'At': [273], 'present': [274, 1113, 2495, 3053, 3096], 'there': [275, 1393, 1487, 1524, 3446, 3656, 3736, 5382], 'no': [277, 1236, 1395, 2518, 3724, 3948], 'describing': [279], 'manner': [281, 1868, 4369, 5173], 'results': [288, 5464], 'basic': [291], 'influences': [292], 'investor': [294, 551, 692, 892, 1051, 1085, 1273, 1277, 1334, 1521, 2250, 2606, 2748, 2862, 2889, 2938, 2960, 5326], 'preferences,': [295], 'attributes': [298], 'assets,': [301, 1964, 2034, 3314], 'etc.': [302, 2342], 'Moreover,': [303, 847, 962, 2404, 3713], 'lacking': [304], 'theory,': [307], 'it': [308, 768, 848, 872, 1019, 1836, 2021, 2565, 2701, 2828, 3295, 3782, 3968, 4781, 5444, 5486, 5494], 'difficult': [310, 2022], 'give': [312, 2309, 2930], 'real': [314], 'meaning': [315, 4346], 'relationship': [318, 629, 854, 920, 1460, 1492, 1529, 2005, 3638, 3662, 3687, 3726, 3741, 3764, 4353, 4475, 4545, 4598, 4790, 4806, 4824, 4844, 5088, 5275, 5386], 'between': [319, 513, 855, 921, 1035, 1466, 1493, 1530, 1541, 1587, 2006, 2125, 2586, 3639, 3663, 3727, 3742, 3765, 4354, 4546, 4807, 5089, 5276, 5387], 'single': [324, 519, 3698, 3767], 'its': [327, 344, 354, 866, 2052, 2064, 2804, 2810, 3082, 3121, 4386, 4751, 4812, 5283, 5376, 5566], 'Through': [329], 'diversification,': [330, 5356], 'inherent': [335], 'avoided': [341, 5354], 'total': [345, 1094, 3732, 3863, 4460, 4518], 'obviously': [348, 2308], 'not': [349, 1201, 2049, 2412, 2490, 2645, 2800, 3022, 3132, 3430, 3620, 3908, 5538], 'relevant': [351, 5373], 'price;': [355], 'unfortunately': [356], 'been': [359, 594, 3274, 3682, 3934, 4380, 4839, 4847], 'said': [360, 1385, 3683], 'concerning': [361, 508, 4804], 'particular': [363, 2446, 4832], 'component': [365, 4514], 'relevant.': [368], 'last': [371, 4682], 'ten': [372], 'years': [373], 'number': [375, 2629, 4420], 'economists': [377], 'developed': [379, 434, 801], 'normative': [380], 'choice': [385, 484, 494, 507, 569, 590, 2421, 2661], 'Markowltz,22': [390], 'Harry': [391], 'M.': [392, 600, 659], 'Markowitz,': [393], 'Portfolio': [394, 638, 1946], 'Selection,': [395], 'Efficient': [396], 'Diversification': [397], 'Investments': [399], '(New': [400], 'York:': [401], 'John': [402, 524], 'Wiley': [403], 'Sons,': [405], 'Inc.,': [406, 798], '1959).': [407], 'The': [408, 421, 462, 528, 673, 916, 1127, 1270, 1333, 1358, 1439, 1867, 1972, 2266, 2540, 3003, 3035, 3259, 3786, 4051, 4096, 4190, 4404, 4432, 4441, 4491, 4526, 4668, 4789, 5178, 5219, 5543], 'major': [409, 2822, 5554], 'elements': [410, 4084, 5555], 'first': [414, 1215, 1951, 2427, 2463], 'appeared': [415], 'article': [418, 3500], '“Portfolio': [419], 'Selection,”': [420], 'Journal': [422], 'Finance,': [424, 667], 'XII': [425], '(March': [426, 1925], '1952),': [427], '77–91.': [428], 'following': [429], 'Von': [430], 'Neumann': [431], 'Morgenstern,': [433], 'analysis': [436, 2497, 2507, 4388], 'based': [437, 2546], 'utility': [441, 1065, 1090, 1095, 1148, 1355], 'maxim': [442], 'proposed': [444, 542], 'general': [446, 717, 2527], 'solution': [447, 1902, 1931, 2515, 2531, 4389], 'portfolio': [450, 4387], 'selection': [451], 'problem.': [452], 'Tobin33': [453], 'James': [454], 'Tobin,': [455], '“Liquidity': [456], 'Preference': [457], 'as': [458, 710, 875, 1039, 1066, 1278, 2088, 2425, 2504, 2880, 3120, 3202, 3213, 3754, 4056, 4436, 4555, 4606, 5125, 5457], 'Behavior': [459], 'Towards': [460], 'Risk,”': [461], 'Review': [463], 'Economic': [465, 529, 675, 739], 'Studies,': [466], 'XXV': [467], '(February,': [468], '1958),': [469, 679], '65–86.': [470], 'showed': [471], 'certain': [474], "Markowitz's": [476], 'model': [477, 538, 690, 803, 877, 889, 1049, 1271, 4378, 4384], 'implies': [478, 1217, 1231, 2096, 3861, 5289], 'broken': [487], 'down': [488, 1069], 'into': [489, 1175, 3516], 'phases:': [491], 'first,': [492, 1366], 'unique': [497, 3450, 3460], 'optimum': [498, 2431, 3461], 'combination': [499, 516, 1746, 2105, 2230, 2432, 2577, 2920, 2956, 2977, 3001, 3012, 3024, 3168, 3245, 3338, 3376, 3388, 3394, 3452, 3775, 3805, 3813, 3830, 3853, 3889, 3902, 3975, 4019, 4094, 4101, 4195, 4363, 4480, 4624, 4758, 4834, 4838, 4872, 4878, 5153], 'risky': [501, 2102, 2434, 2522, 2997, 3271, 3313, 3340, 3378, 3397, 3416, 3454, 3476, 3676], 'assets;': [502, 2523, 3070, 3379], 'second,': [504], 'separate': [506], 'allocation': [510], 'funds': [512, 2336, 2366, 2638, 2739, 2907, 2954, 2971, 2975, 3870], 'riskless': [520, 2110], 'asset.': [521], 'Recently,': [522], 'Hicks44': [523], 'R.': [525], 'Hicks,': [526], '“Liquidity,”': [527], 'Journal,': [530], 'LXXII': [531], '(December,': [532], '1962),': [533], '787–802.': [534], 'used': [536, 702, 1121, 2321, 2338, 3886, 4373], 'similar': [539, 804, 1118, 1326, 2849, 4370], 'Tobin': [544, 1112, 2466], 'derive': [546, 2710], 'corresponding': [547], 'conclusions': [548], 'about': [549, 1567, 3684], 'behavior,': [552], 'somewhat': [554], 'explicitly': [556], 'nature': [559], 'dichotomized.': [572], 'An': [573, 1900, 2937], 'even': [574, 1806, 5343], 'detailed': [576], 'discussion': [577, 626, 651, 2541, 5426], 'process,': [580], 'including': [581], 'proof': [584, 2461, 3457], 'context': [587], 'among': [591, 1262, 1338, 1379], 'lotteries': [592], 'presented': [595, 2464], 'Gordon': [597, 602], 'Gangolli.55': [599], 'J.': [601], 'Ramesh': [604], 'Gangolli,': [605], '“Choice': [606], 'Among': [607], 'Scale': [609], 'Play': [611], 'Lottery': [613], 'Type': [614], 'Alternatives,”': [615], 'College': [616], 'Business': [618], 'Administration,': [619], 'University': [620], 'Rochester,': [622], '1962.': [623], 'For': [624, 869, 2871, 3360], 'another': [625, 4837], 'see': [630], 'W.': [631], 'F.': [632, 656], 'Sharpe,': [633], '“A': [634, 1942], 'Simplified': [635, 1943], 'Model': [636, 1944], 'Analysis,”': [639, 1947], 'Management': [640], 'Science,': [641], 'Vol.': [642, 1923], '9,': [643], 'No.': [644], '2': [645, 1046, 1169, 1174, 1191, 1194, 1226, 1645, 1649, 1656, 1659, 1661, 1708, 1988, 1993, 4111, 4114, 4121, 4124, 4126, 4155, 4643, 4646, 4649], '(January': [646], '1963),': [647], '277–293.': [648], 'related': [650, 1602, 4785, 5160], 'found': [654, 2288], 'Modigliani': [657], 'H.': [660], 'Miller,': [661], '“The': [662, 1909], 'Cost': [663], 'Capital,': [665], 'Corporation': [666], 'Theory': [670], 'Investment,”': [672], 'American': [674, 738], 'Review,': [676], 'XLVIII': [677], '(June': [678], '261–297.': [680], 'all': [682, 1310, 1339, 2098, 2136, 2181, 2215, 2355, 2558, 2668, 2732, 2952, 2969, 2990, 3433, 3534, 3790, 3911, 4088, 4213, 5185, 5262, 5329, 5349], 'authors': [684, 2494], 'cited': [685, 706, 4412], 'use': [686], 'virtually': [687], 'same': [689, 1401, 1409, 2379, 2869, 3438, 5123], 'behavior,66': [693], 'Recently': [694], 'Hirshleifer': [695], 'suggested': [697, 1999, 2752, 5530], 'mean-variance': [700], 'approach': [701, 1119], 'articles': [705], 'best': [708, 3749, 4348], 'regarded': [709], 'special': [712, 1935], 'case': [713, 1535, 1594, 1789, 1936, 2303, 2346, 2469, 3470, 3581, 3595], 'formulation': [718, 2835, 4542], 'due': [719, 4471, 4749, 5309], 'Arrow.': [721], 'See': [722], "Hirshleifer's": [723], '“Investment': [724], 'Decision': [725, 1129], 'Under': [726, 1130, 2390, 2851, 4001], 'Uncertainty,”': [727], 'Papers': [728], 'Proceedings': [730], 'Seventy-Sixth': [733], 'Annual': [734], 'Meeting': [735], 'Association,': [740], 'Dec.': [741], '1963,': [742], "Arrow's": [744], '“Le': [745], 'Role': [746], 'des': [747, 755], 'Valeurs': [748], 'Boursieres': [749], 'pour': [750], 'la': [751, 753], 'Repartition': [752], 'Meilleure': [754], 'Risques,”': [756], 'International': [757], 'Colloquium': [758], 'Econometrics,': [760], '1952.': [761], 'none': [762], 'yet': [764], 'attempted': [765], 'extend': [767], 'construct': [770], 'risk.77': [781], 'After': [782], 'preparing': [783], 'paper': [785, 2544], 'author': [787], 'learned': [788], 'Mr.': [790, 814], 'Jack': [791], 'L.': [792], 'Treynor,': [793], 'Arthur': [795], 'D.': [796], 'Little,': [797], 'had': [799], 'independently': [800], 'respects': [807], 'one': [810, 976, 1067, 1176, 1287, 1343, 1377, 2185, 2350, 2380, 2754, 2872, 3244, 3517, 5133, 5199], 'described': [811, 845, 935, 1905, 2776, 4407], 'here.': [812], 'Unfortunately': [813, 1134], "Treynor's": [815], 'excellent': [816], 'work': [817], 'subject': [820, 2500], 'is,': [821, 1775, 4454], 'at': [822, 1266, 1820, 1833, 1982, 2154, 2166, 2192, 2237, 2253, 2364, 2414, 2450, 2581, 2693, 2908, 3242, 3276, 3329, 3910, 3943, 3969, 3981, 4139, 4169, 4212, 4230, 5005], 'present,': [823], 'unpublished.': [824], 'We': [825, 3650, 5474], 'will': [826, 1007, 1322, 1335, 1537, 1581, 1599, 1758, 2090, 2186, 2307, 2353, 2376, 2516, 2607, 2863, 3041, 3058, 3061, 3076, 3102, 3135, 3158, 3171, 3193, 3435, 3447, 3599, 3657, 3700, 3737, 3756, 3991, 4106, 4196, 4451, 4711, 4724, 5158, 5188, 5265, 5298, 5379, 5405, 5417], 'show': [827, 2091], 'extension': [831, 2314, 2331], 'provides': [832, 887, 3633, 4795, 5192, 5427], 'implications': [836, 917, 5489, 5536], 'assertions': [840], 'above.': [846], 'sheds': [849], 'considerable': [850, 2675], 'light': [851], 'various': [863, 930, 2767, 4083], 'components': [864, 931], 'overall': [867], 'these': [870, 1012, 2391, 2783, 2814, 2852, 3105, 4002, 5156], 'reasons': [871], 'warrants': [873], 'consideration': [874], 'prices.': [884, 3034, 3184], 'Part': [885, 899, 937, 2778, 3616, 5442], 'II': [886], 'III': [900, 5443], 'considered': [909, 5484, 5540], 'derived.': [915, 4848], 'IV.': [938, 2094], 'Investors': [939], 'assumed': [941, 1022, 2760], 'prefer': [943], 'future': [947, 3050, 3091], 'wealth': [948, 2285], 'lower': [951, 971, 1405, 1422, 1450, 1973, 5504], 'value,': [952], 'ceteris': [953], 'paribus': [954], '(': [955, 987, 1158, 1181, 1618, 1630, 1651, 1665, 1699, 1714, 1725, 1793, 1986, 3824, 4116, 4130, 4204, 4265], 'dU/dE': [956], 'w': [957, 986, 992], '>': [958, 1995], '0': [959, 994, 1542, 1797, 1813, 1996, 3848, 4142, 4172, 4233, 4288], ')': [960, 995, 1160, 1183, 1622, 1638, 1655, 1669, 1703, 1718, 1731, 1798, 3828, 4120, 4134, 4208, 4270], '.': [961, 996, 1195, 1845, 4173, 4251, 4343, 4667, 4709, 4932, 4991], 'they': [963, 1734, 3543, 3582, 3600, 3627, 3965, 3978, 5520], 'exhibit': [964, 5526], 'risk-aversion,': [965], 'choosing': [966, 1279], 'offering': [969], 'value': [972, 1478, 1502, 1540, 1569, 3833, 3918], 'σw': [974, 1006], 'greater': [979], 'level,': [980], 'given': [981, 1938, 2275, 2282, 2854, 3557, 4418, 4571], 'level': [983, 1353, 5317, 5368], 'E': [985, 1157, 1180, 1187, 1611, 1615, 1623, 1627, 1631, 1635, 1827, 1830, 1840, 1843, 4198, 4201, 4209, 4223, 4226, 4246, 4249, 4266, 4305, 4308, 4313, 4328, 4336, 4341, 4694, 4702, 4707, 4889, 4897, 4902, 4914, 4923, 4929, 5013, 5017, 5034, 5038, 5048, 5057, 5063, 5072, 5076, 5101, 5109, 5114], 'dU': [988], '/': [989, 1991], 'd': [990, 1987, 4144, 4146, 4175, 4177, 4218, 4235], 'σ': [991, 1172, 1192, 1224, 1640, 1646, 1657, 1670, 1672, 1691, 1696, 1704, 1711, 1719, 1722, 1726, 1729, 1825, 1838, 1989, 4108, 4112, 4122, 4135, 4137, 4145, 4151, 4153, 4159, 4161, 4165, 4167, 4176, 4182, 4187, 4236, 4239, 4244, 4261, 4298, 4303, 4311, 4320, 4322, 4644, 4647, 4653, 4655, 4663, 4665, 4957, 4960, 4968, 4970, 4985, 4987, 5007, 5009], '<': [993], 'These': [997, 2677], 'assumptions': [998, 1566, 2572, 2805, 2815], 'imply': [999, 1259, 2816, 3431, 3622, 3850, 4009], 'indifference': [1001, 1057, 1075, 1219, 1348, 2453, 2895, 2962], 'curves': [1002, 1025, 1060, 1076, 1220, 1953, 2896, 2944, 2963, 3952, 4054, 4604], 'relating': [1003], 'Ew': [1004, 1036], 'upward-sloping.99': [1009], 'While': [1010], 'characteristics': [1013, 2008], 'required': [1015], 'analysis,': [1018, 2564], 'property': [1028], 'diminishing': [1030], 'marginal': [1031, 1107], 'rates': [1032, 1469, 5164, 5181, 5292, 5422], 'substitution': [1034], 'σw,': [1038], 'do': [1040], 'our': [1043], 'diagrams.': [1044], 'summarizes': [1047], 'family': [1055, 3513], 'curves;': [1058], 'successive': [1059], 'indicate': [1061, 1482, 1504, 3839, 5227], 'levels': [1063, 5229], 'moves': [1068], 'and/or': [1070], 'right.1010': [1073], 'Such': [1074, 3155], 'derived': [1080, 2300, 4599], 'assuming': [1082], 'wishes': [1086], 'maximize': [1088], 'represented': [1098, 1300, 3914], 'quadratic': [1101, 1898], 'function': [1102, 1153], 'R': [1104, 1165, 1168, 1173, 1188, 1193, 1225, 1624, 1632, 1636, 1641, 1647, 1705, 1990, 1994, 4262, 4267], 'decreasing': [1106], 'utility.': [1108, 1291], 'Both': [1109, 2493], 'Markowitz': [1110, 1888], 'derivation.': [1116], 'Donald': [1123], 'E.': [1124], 'Farrar': [1125, 1135], 'Investment': [1128], 'Uncertainty': [1131], '(Prentice-Hall,': [1132], '1962).': [1133], 'makes': [1136, 2020], 'error': [1138], 'derivation;': [1141], 'appeals': [1143], 'Von-Neumann-Morgenstern': [1146], 'cardinal': [1147], 'axioms': [1149, 1205], 'transform': [1151], 'form:': [1156, 1179], 'U': [1159, 1182], '=': [1161, 1184, 1613, 1626, 1643, 1677, 1693, 1709, 1721, 1796, 1812, 1849, 3836, 3847, 3859, 3988, 4109, 4141, 4148, 4166, 4171, 4179, 4199, 4220, 4232, 4238, 4263, 4287, 4310, 4324, 4640, 4650, 4660, 4690, 4885, 4910, 4945, 4963, 4979, 5012, 5028, 5066, 5097], '+': [1163, 1617, 1629, 1650, 1660, 1698, 1713, 1724, 4115, 4125, 4203, 4333, 4699, 4894, 4920, 5054, 5106], 'bE': [1164], '−': [1166, 1170, 1189, 1620, 1634, 1653, 1667, 1701, 1716, 1728, 1824, 1829, 1842, 1850, 3989, 4118, 4132, 4149, 4156, 4180, 4184, 4206, 4221, 4225, 4241, 4248, 4268, 4300, 4307, 4315, 4325, 4330, 4338, 4691, 4696, 4704, 4886, 4891, 4899, 4911, 4917, 4926, 5015, 5020, 5036, 5041, 5045, 5051, 5060, 5074, 5079, 5098, 5103, 5111], 'cE': [1167], 'c': [1171, 1642], 'k': [1185, 1190], '1': [1186, 1619, 1652, 1666, 1678, 1700, 1715, 1851, 3825, 3837, 3990, 4117, 4131, 4150, 4205, 4335, 4701, 4896, 4922, 5056, 5108], 'That': [1196], 'transformation': [1199], 'readily': [1207], 'seen': [1209, 4350], 'form,': [1212], 'since': [1213, 1429, 1591, 2035, 2792, 2813, 2927, 3044, 3542, 3591, 3874, 3963, 4035, 4291, 4385, 5348], 'equation': [1216, 4254, 4683], 'ER,': [1223, 1306, 1955, 3265, 3363, 3484, 3551, 3554, 3693, 3791], 'plane': [1227], 'while': [1228, 2958, 3315, 3845], 'second': [1230, 1375, 2439, 5432], 'linear': [1233, 1979, 2413, 3547, 3661, 4843, 5385], 'relationship.': [1234], 'Obviously': [1235, 4740], 'three': [1237], '(different)': [1238], 'points': [1239, 1321, 2127, 2310, 2327, 3149, 3200, 3211, 3316, 3486, 3715, 4433], 'lie': [1241, 1447, 1582, 1765, 2120, 3421, 3544, 3565, 3701, 4023, 4997], 'both': [1243, 1595, 3098, 4993, 5254], 'curve': [1249, 1349, 1768, 1786, 1819, 1854, 1874, 2019, 2047, 2200, 2221, 2396, 2410, 2454, 2591, 3192, 3787, 3931, 3993, 4012], '(with': [1250], 'monotonic': [1252], 'derivative).': [1253], 'Thus': [1254, 1424, 2132, 3678], 'functions': [1257], 'must': [1258, 1446, 1747, 1764, 1976, 2112, 3537, 3564, 3609, 3912, 3953, 3966, 4626, 5118], 'different': [1260, 1557, 1565, 3176, 3646, 4842], 'orderings': [1261], 'alternative': [1263, 1396, 2571, 2678, 2845, 3413, 5228], 'choices': [1264], 'least': [1267, 3243], 'instance.': [1269], 'considers': [1275, 1966, 2481], 'set': [1282, 1369, 2856, 2873, 3232], 'opportunities': [1285, 2070], 'maximizes': [1289], 'Every': [1292], 'plan': [1294, 1383, 2190, 2352, 2375], 'available': [1295, 1958, 2069], 'σR': [1307, 1410, 1956, 2141, 3101, 3266, 3364, 3485, 3552, 3555, 3694, 3792], 'plane.': [1308], 'If': [1309, 1572, 1733, 2248, 3085, 5321], 'plans': [1312, 1341, 1373, 1441, 3478], 'involve': [1313], 'composed': [1318], 'appearance': [1325], 'shown': [1329, 1890, 2881, 2923, 3366, 3408, 3464, 3614, 4067, 4437, 4482, 4616, 4856, 4881, 5446, 5477], '2.': [1332], 'choose': [1336, 1376, 2608, 2632, 5205], 'possible': [1340, 1549, 2279, 2653], 'placing': [1344], 'representing': [1350, 2128, 3109, 3150, 3264, 3972], 'highest': [1352], '(point': [1356, 2436, 3770, 3778], 'F).': [1357], 'decision': [1359], 'made': [1362, 2666], 'stages:': [1365], 'find': [1367], 'efficient': [1371, 1388, 1901, 3419, 3475, 3673, 3774, 3974, 4042, 4623, 4833, 4871, 5136, 5186, 5263, 5296, 5345], 'and,': [1374, 3043, 4229], 'set.': [1381], '(and': [1390, 2610], 'if)': [1392], 'either': [1398, 1978, 3358], '(1)': [1399, 3964], 'ER': [1402, 1414, 1419, 2139, 3099, 4048], 'σR,': [1406], '(2)': [1407, 3977], '(3)': [1416], 'σR.': [1423, 4050], 'Z': [1426], 'inefficient': [1428, 3210], 'investments': [1430, 1513, 1575, 2216], 'B,': [1431, 2173, 2341], 'C,': [1432], 'D': [1434], '(among': [1435, 3074], 'others)': [1436, 3075], 'dominate': [1437, 2354], 'it.': [1438], 'would': [1443, 1481, 1503, 2532, 2664, 2900, 2929, 2948, 2967, 2991, 3112, 3293, 3487, 3838, 3849, 3876, 4008, 4022, 4845, 5225, 5307], 'chosen': [1445], 'right-hand': [1451, 1974], 'boundary': [1452, 1975, 4043], '(AFBDCX)—the': [1453], 'opportunity': [1455, 1873, 2018, 2046, 2199, 2395, 2409, 2590, 3191], 'Note': [1457], 'includes': [1461, 2551, 3893], 'rab,': [1462], 'correlation': [1464, 1755, 1802, 2774, 3473, 3598, 4752], 'coefficient': [1465, 5232], 'predicted': [1468, 4562, 4574, 4583, 5141], 'plans.': [1476], '+1': [1480], "investor's": [1484, 2043], 'belief': [1485, 1506], 'precise': [1490, 1527], 'outcomes': [1495, 1509], 'investments.': [1499, 4431], 'zero': [1501, 2478], 'completely': [1515], 'independent': [1516], '—1': [1518], 'feels': [1522], 'inverse': [1528], 'them.': [1531, 3154, 5201], 'usual': [1534], 'rab': [1536, 1757], '+1.': [1544], '3': [1546, 1924], 'shows': [1547, 1783], 'values': [1550, 1957, 2114, 2296, 3267, 3365, 3556, 3695, 3793, 4046, 4214, 4632], 'ERc': [1552, 1596, 2116], 'σRc': [1554, 1598, 2118], 'obtainable': [1555], 'combinations': [1558, 1580, 1763, 1961, 1967, 1969, 2099, 2137, 2174, 3066, 3151, 3170, 3311, 3414, 3536, 3559, 3563, 3608, 3674, 3800, 5187, 5264, 5297], 'B': [1562, 1835, 4641, 4651, 4658, 4688, 4883, 4905, 4952, 4964, 4974, 4980, 5023, 5029, 5067, 5093], 'rab.': [1571], 'perfectly': [1577, 1738, 3539, 3611, 3630, 4938, 5190, 5209, 5267, 5300], 'correlated,': [1578, 1740, 3541, 5301], 'straight': [1585, 1858, 2123, 3519, 3574, 3588, 3604], 'points,': [1590], 'linearly': [1601], 'proportions': [1605], 'invested': [1606, 3878], 'plans.1111': [1610], 'Rc': [1612, 1692], 'α': [1614, 1621, 1639, 1644, 1654, 1664, 1668, 1695, 1702, 1710, 1717, 1732, 3819, 3827, 3835, 3846, 3858, 4110, 4119, 4129, 4133, 4140, 4147, 4170, 4178, 4200, 4207, 4219, 4231, 4286], 'Ra': [1616, 1671, 1697, 1712, 1727, 1826, 1831, 1844], 'b': [1625, 1637, 1706], 'Rb': [1628, 1658, 1673, 1720, 1723, 1730, 1828, 1839, 1841], 'r': [1662, 1675, 1794, 1810, 1847, 3986, 4127, 4157, 4185, 4242, 4301, 4318, 4638, 4661, 4940, 4946], 'ab': [1663, 1676, 1795, 1811, 1848], 'but': [1674, 2061, 2488, 2654, 2669, 2806, 4164, 5330], ',': [1679, 1814, 1832, 1852, 4289], 'therefore': [1680, 5119], 'expression': [1682, 4669, 4675], 'square': [1685], 'root': [1686], 'sign': [1687], 'factored:': [1690], '[': [1694, 4152, 4181, 4222, 4326, 4334, 4692, 4700, 4887, 4895, 4912, 4921, 4984, 5033, 5046, 5055, 5071, 5099, 5107], ']': [1707, 4163, 4189, 4228, 4332, 4340, 4698, 4706, 4893, 4901, 4919, 4928, 4990, 5043, 5053, 5062, 5081, 5105, 5113], 'less': [1736, 1749, 2698, 4733], 'positively': [1739], 'standard': [1742, 2771, 3668, 4097, 4531], 'deviation': [1743, 3669, 4098], 'perfect': [1754, 3472, 3597], '(since': [1756], 'less);': [1760], 'thus': [1761, 2511, 2529, 2685, 3071, 3179, 3426, 3526, 4816], 'below': [1769, 2620, 3585], 'AB.1212': [1772], 'curvature': [1774], 'essence,': [1777], 'rationale': [1779], 'diversification.': [1781], 'AZB': [1782], 'complete': [1791], 'independence': [1792, 2509], ';': [1799], 'negative': [1801, 2295, 2519, 2535, 3917], 'locus': [1804, 3505], 'U-shaped.1313': [1808], 'When': [1809, 1846, 2361], 'degenerates': [1855], 'lines': [1859, 3520], 'axis.': [1866, 3300], 'formed': [1876], 'simple': [1879, 1960, 2026, 3660, 4073], 'conceptually,': [1880], 'although': [1881], 'exact': [1882], 'solutions': [1883], 'quite': [1886], 'difficult.1414': [1887], 'problem': [1895], 'parametric': [1897], 'programming.': [1899], 'technique': [1903], 'article,': [1908, 4411], 'Optimization': [1910], 'Quadratic': [1913], 'Function': [1914], 'Subject': [1915], 'Linear': [1917], 'Constraints,”': [1918], 'Naval': [1919], 'Research': [1920], 'Logistics': [1921], 'Quarterly,': [1922], 'June,': [1927], '1956),': [1928], '111–133.': [1929], 'method': [1932, 4405], "author's": [1941, 4410], 'op.': [1948], 'cit.': [1949], 'traces': [1952], 'indicating': [1954], 'then': [1965, 4016, 5138, 5226], 'assets.': [1971, 2539, 2559, 3341, 3398, 3455, 3677, 3690], 'increasing': [1981, 1984], 'dE': [1992, 4217, 4237], ').': [1997], 'As': [1998, 2343, 3185, 3613, 3807, 4855, 4880, 5529], 'earlier,': [2000, 5531], 'complexity': [2002], 'location': [2014], 'provide': [2024], 'rule': [2027, 2078], 'assessing': [2029, 5375], 'desirability': [2031], 'effect': [2037, 2267], 'over-all': [2044, 2934, 5316], 'depends': [2048], '(ERi)': [2057], 'σRi),': [2060], 'correlations': [2065], 'other': [2068, 3126, 3532, 3884, 5350], '(ri1,': [2071], 'ri2,': [2072], '….,': [2073], 'rin).': [2074], 'However,': [2075, 2791, 3735], 'model,': [2087], 'we': [2089, 2718, 2723, 2744, 3755, 3809, 4416, 4521, 4818, 5084, 5128, 5203, 5302], 'part': [2093, 2823, 4466, 4742], 'involving': [2100], 'plus': [2108, 2972, 3333], 'components.': [2131], '4': [2135, 2214], 'lying': [2142, 2191, 2217, 2311, 2328, 2580, 3246, 3317, 3345, 4633], 'PA': [2146, 2317], 'attainable': [2148], 'money': [2151], 'loaned': [2153], 'placed': [2160], 'A.': [2162], 'Similarly,': [2163], 'lending': [2165, 2236, 2372, 2385, 2483, 2692, 3328, 3390], 'investing': [2171, 3392], 'PB': [2176, 2333], 'attained.': [2179], 'Of': [2180], 'possibilities,': [2183], 'however,': [2184, 2349, 3856], 'dominate:': [2187], 'original': [2197, 2220, 2407, 2588], 'where': [2201, 4271], 'ray': [2203, 2594, 3116], 'P': [2206, 2596, 4269, 4272, 4316, 4327, 4331, 4339, 4693, 4697, 4705, 4888, 4892, 4900, 4913, 4918, 4927, 5016, 5021, 5037, 5042, 5047, 5052, 5061, 5075, 5080, 5100, 5104, 5112], 'tangent': [2208, 2456, 3936, 3955, 4059, 4281], 'X': [2223], 'ϕ': [2225, 2234, 2609, 2621, 2663, 2978, 3013, 3025, 3040, 3073, 3134, 3203], 'dominated': [2227], 'Consider': [2242, 4860], 'next': [2243], 'possibility': [2245, 5252], 'borrowing.': [2247, 2492], 'borrow': [2252, 2440, 2736], 'interest,': [2258, 2730], 'equivalent': [2261], 'disinvesting': [2263], 'P.': [2265, 3491], 'borrowing': [2269, 2319, 2358, 2602, 2651, 2690, 3326], 'purchase': [2271, 2323, 2340, 2994, 3008, 3888], 'amount': [2283], 'simply': [2289], 'letting': [2291], 'take': [2293, 2388], 'equations': [2299], 'lending.': [2305], 'A;': [2326], 'lending,': [2348], 'others': [2356], 'when': [2357, 4285, 4763], 'possible.': [2360], 'borrowed': [2369], 'equals': [2370], 'rate,': [2373], 'dominant': [2383], 'place.': [2389], 'conditions,': [2392], 'becomes': [2397, 4402, 4560], '(PϕZ': [2400], '4).': [2403], 'ϕ,': [2416, 2926, 2957], 'dichotomized': [2424], 'follows:': [2426], 'select': [2428, 5131], '(unique)': [2430], 'ϕ),': [2437], 'lend': [2442, 2738, 2903], 'PZ': [2449, 3321, 3347], 'line.1515': [2459], 'was': [2462, 5445], '(cash).': [2479], 'Hicks': [2480], 'situation': [2484, 3407], 'comparable': [2486], 'does': [2489, 3429, 3619, 3907, 5126], 'allow': [2491], 'using': [2498], 'maximization': [2499], 'constraints': [2502, 2553], 'expressed': [2503], 'equalities.': [2505], "Hicks'": [2506], 'assumes': [2508], 'insures': [2512], 'include': [2517, 2534, 3068, 3153], "Tobin's": [2524, 3443, 3456], 'covers': [2525], 'case,': [2528, 3509], "Markowitz'": [2548], 'formulation,': [2549], 'non-negativity': [2552], 'Before': [2560], 'proceeding': [2561], 'consider': [2570, 3087], 'tangency': [2585, 4007, 4602], 'efficient.': [2599], 'Even': [2600], 'impossible,': [2604], 'lending)': [2611], 'risk-aversion': [2614], 'leads': [2615, 5462], 'Pϕ': [2625], 'Since': [2626, 4278, 4771, 4933, 4992], 'large': [2628], 'investors': [2631, 2671, 2733, 2758, 3006, 3086, 3434], 'place': [2634, 3294], 'risk-free': [2641], 'investments,': [2642], 'unlikely': [2647], 'possibility.': [2648], 'Alternatively,': [2649], 'up': [2656], 'limit,': [2659], 'willing': [2672], 'undertake': [2674], 'paths': [2679], 'lead': [2680, 3029, 3159, 4069], 'main': [2683], 'conclusion,': [2684], 'making': [2686], 'assumption': [2688], 'onerous': [2699], 'might': [2702, 2878, 3748, 4434, 5303], 'initially': [2703], 'appear': [2704, 2879, 3909], 'be.': [2706], 'order': [2708, 2980], 'invoke': [2719], 'assumptions.': [2721, 2790], 'First,': [2722], 'assume': [2724, 2745], 'common': [2726, 4738, 5312, 5496], 'equal': [2741], 'terms.': [2742], 'Second,': [2743], 'homogeneity': [2746], 'expectations:1616': [2749], 'term': [2751, 4522], 'referees.': [2757], 'agree': [2762], 'prospects': [2765], 'investments—the': [2768], 'values,': [2770], 'deviations': [2772], 'coefficients': [2775, 5157], 'II.': [2779], 'Needless': [2780], 'say,': [2782], 'highly': [2785], 'restrictive': [2786], 'undoubtedly': [2788], 'unrealistic': [2789], 'proper': [2794], 'test': [2795], 'realism': [2802], 'acceptability': [2808], 'implications,': [2811], 'form': [2820, 4615], 'classical': [2825, 5467], 'doctrine,': [2827], 'far': [2830, 3679, 4817], 'clear': [2832], 'should': [2836, 4782, 5560], 'rejected—especially': [2838], 'dearth': [2843], 'leading': [2847, 3174], 'results.': [2850], 'assumptions,': [2853], 'each': [2861, 4586], 'alternatives': [2866, 2877], 'manner.': [2870, 3359], '5.': [2884], 'situation,': [2887], 'indicated': [2893, 2942], 'A1': [2897], 'A4': [2899], 'seek': [2901, 2949], 'invest': [2915, 2951, 2968], 'remainder': [2917], 'preferred': [2933, 2984], 'position': [2935, 2985], 'A*.': [2936], 'B1': [2945], 'B4': [2947], 'C1': [2964], 'C4': [2966], '(borrowed)': [2974], 'reach': [2982], '(C*).': [2986], 'event,': [2989], 'attempt': [2992], 'enter': [3000, 4830], 'ϕ.': [3002], 'attempts': [3004], 'lack': [3016, 4005], 'holding': [3020], 'would,': [3026, 3506], 'course,': [3028, 3226, 4456], 'revision': [3032, 3162], 'rise': [3042], "asset's": [3046, 4517, 4745, 4809, 5145, 5279, 5362], 'relates': [3049, 4076], 'income': [3051], 'price,': [3054, 3097], 'returns': [3057, 3093, 3143, 3745, 4728], 'fall.': [3059], 'reduce': [3062], 'attractiveness': [3064], 'move': [3077, 3113, 5413], 'left': [3080, 3207], 'initial': [3083], 'position.1717': [3084], 'variability': [3089], 'dollar': [3092], 'unrelated': [3094], 'fall;': [3103], 'origin': [3119], 'changes.': [3123], 'On': [3124, 3530], 'hand,': [3127, 3533], 'fall,': [3136], 'causing': [3137], 'increase': [3139], 'rightward': [3146], 'movement': [3147], 'changes': [3157, 4496, 4567, 4721, 5246, 5401, 5515], "investors'": [3164], 'actions;': [3165], 'new': [3167], 'become': [3172, 3196], 'attractive,': [3173], 'demands': [3177], 'further': [3181], 'revisions': [3182], 'continues,': [3188], 'tend': [3194], 'linear,': [3198], 'moving': [3204, 3217], 'formerly': [3209], '(such': [3212], 'F': [3214], 'G)': [3216], 'right.': [3220, 5568], 'Capital': [3221], 'must,': [3224], 'continue': [3227], 'change': [3229], 'until': [3230, 5381], 'attained': [3236, 3268, 3309, 3324], 'every': [3239, 5144], 'enters': [3241], 'line.': [3251, 3589, 4490], '6': [3253, 3263, 3411], 'illustrates': [3254, 3761], 'condition.1818': [3258], 'drawn': [3275, 3935], 'distance': [3278], 'axis': [3282, 5221], 'emphasis.': [3284], 'It': [3285, 3399, 4511], 'likely': [3287], 'accurate': [3291], 'very': [3296], 'close': [3297], 'All': [3301, 3950, 4620], 'possibilities': [3302, 3343], 'shaded': [3305], 'Certain': [3342], '(those': [3344, 5510], 'B)': [3353], 'solely': [3373], 'alternatively,': [3380], 'reached': [3385], 'C': [3395], 'important': [3401], 'recognize': [3403], '(i.e.,': [3420, 5469], 'PZ),': [3424], 'hold': [3436], 'combination.1919': [3439], 'statement': [3441], 'contradicts': [3442], 'conclusion': [3444], 'optimal': [3451], 'incorrect': [3467], 'connecting': [3482], 'pass': [3488], 'graph': [3494], 'page': [3496], '83': [3497], '(op.': [3501], 'cit.)': [3502], 'constant-risk': [3504], 'degenerate': [3510], 'ellipses': [3515], 'parallel': [3521], 'constant-return': [3524], 'loci,': [3525], 'giving': [3527], 'multiple': [3528], 'optima.': [3529], '(positively)': [3540], 'border': [3548], 'region.2020': [3553], 'within': [3566], 'region': [3568], 'cannot': [3570, 3583, 4759], 'plot': [3571, 3584, 3601, 4435, 5120], 'above': [3572, 3702], 'joining': [3576], 'points.': [3578], 'But': [3590, 4015, 4465, 4815], 'line,': [3605, 3706, 4031], 'correlated.': [3612, 3631], 'IV,': [3617], 'necessarily': [3621], 'securities': [3626, 5509, 5524], 'contain': [3628], 'key': [3635], 'types': [3647, 5351], 'argued': [3652, 4820], 'nothing': [3680], 'Typically': [3691], 'associated': [3696], 'reflecting': [3707], 'inefficiency': [3709], 'undiversified': [3711], 'holdings.': [3712], 'scattered': [3718], 'throughout': [3719], 'feasible': [3721, 3799, 4018, 4045], 'region,': [3722], '(σR).': [3734], 'what': [3747], 'called': [3751, 4381], 'systematic': [3752, 4524, 4579], 'now': [3757, 5476], 'show.': [3758], '7': [3760, 3929], 'i)': [3771], 'g)': [3779], 'part.': [3785], 'igg′': [3788, 4279], 'indicates': [3789, 3923, 4773], 'i': [3803, 3822, 3844, 3880, 3906, 4105, 4359, 4864, 4906, 4941, 4947, 4953, 4965, 4975, 4981, 5024, 5030, 5068, 5094], 'g.': [3806, 3831, 3854, 3945], 'before,': [3808], 'denote': [3810], 'terms': [3815], 'proportion': [3818], '—': [3826], 'Note,': [3855], '.5': [3860], 'half': [3868, 3875, 3885], 'i,': [3873], 'itself': [3881, 5288], 'g,': [3890, 4481], 'i.': [3897], 'means': [3899], 'α.': [3920], 'Point': [3921], 'g′': [3922], 'combination.': [3926, 4770], "igg'": [3932, 4057, 4607], '(PZ)': [3942], 'accident.': [3949], 'touch': [3967], 'continuous': [3980], 'point.2121': [3983], 'Only': [3984], 'ig': [3987, 4128, 4158, 4186, 4243, 4302, 4319, 4639, 4642, 4652, 4659, 4662, 4689, 4884], 'discontinuous': [3995], 'over': [3996], 'range': [3998], 'question.': [4000], 'intersects': [4013], 'PZ.': [4014], 'right': [4026, 4672], 'obvious': [4033], 'impossibility': [4034], 'represents': [4040], 'requirement': [4052], 'formula': [4074], 'included': [4092, 4869], 'g.2222': [4095], 'g': [4103, 4364, 4625, 4873, 4908, 4943, 4949, 4955, 4967, 4977, 4983, 4994, 5026, 5032, 5070, 5096], 'be:': [4107, 4197, 4260], 'Ri': [4113, 4136, 4160, 4188, 4202, 4227, 4245, 4250, 4304, 4309, 4321, 4342, 4445, 4494, 4547, 4565, 4648, 4656, 4664, 4708, 4903, 4930, 4961, 4971, 5064, 5115], 'Rg': [4123, 4138, 4154, 4162, 4168, 4183, 4210, 4224, 4240, 4247, 4299, 4306, 4312, 4314, 4323, 4329, 4337, 4501, 4549, 4645, 4654, 4666, 4695, 4703, 4723, 4890, 4898, 4915, 4924, 4934, 4958, 4969, 4986, 4988, 5008, 5010, 5014, 5018, 5035, 5039, 5049, 5058, 5073, 5077, 5102, 5110], ':': [4143, 4234], 'Thus:': [4174, 4687, 4951, 5044], 'Thus,': [4211], 'α:': [4216], 'Let': [4252], 's': [4264], '(ERg,': [4292], 'σRg': [4293, 4572], 'lies': [4294], 'line:': [4297], 'or:': [4317], 'Its': [4344], 'economic': [4345, 5319, 5337, 5370, 5403, 5415], 'viewed': [4366], 'regression': [4375, 4489], 'analysis.2323': [4376], 'diagonal': [4383], 'facilitated': [4392], 're-arranging': [4394], 'data': [4396], 'variance-covariance': [4400], 'matrix': [4401], 'diagonal.': [4403], 'earlier.': [4413], 'Imagine': [4414], 'were': [4417], '(ex': [4422], 'post)': [4423], 'observations': [4424, 4446], 'Fig.': [4439], '8.': [4440], 'scatter': [4442, 4469], 'around': [4447], 'mean': [4449], '(which': [4450, 5525], 'approximate': [4452], 'ERi)': [4453], 'evidence': [4457], 'asset—σRi.': [4464], 'underlying': [4474], 'Big,': [4484], 'response': [4492, 4563], 'Rg(and': [4498], 'variations': [4499], 'itself)': [4502], 'much': [4505], 'variation': [4508], 'Ri,': [4510], 'remainder,2424': [4527], 'ex': [4528, 4553], 'post,': [4529], 'error.': [4532], 'being': [4533], 'uncorrelated': [4534], 'Rg,': [4536], 'unsystematic': [4539], 'component.': [4540], 'employed': [4552], 'ante': [4554], 'predictive': [4557], 'model.': [4558], 'Big': [4559, 4629, 4772], 'Rg.': [4569], 'Then,': [4570], 'Rg),': [4577], 'portion': [4580], 'determined.': [4590], 'interpretation': [4592, 5272], 'allows': [4593], 'us': [4594], 'state': [4596], '9.': [4619, 5177], 'entering': [4622], '(predicted)': [4628], 'ERi': [4631], 'PQ.2525': [4637], 'and:': [4657, 4904, 4973, 5022], 'left-hand': [4678], 'side': [4679], 'footnote': [4685], '22.': [4686], 'Prices': [4710, 5378], 'adjust': [4712, 5380], 'responsive': [4719], 'responsive.': [4734], 'accords': [4736], 'sense.': [4739], 'diversified': [4761], 'away': [4762], 'added': [4767], 'magnitude': [4775, 5389], 'type': [4778, 5339], 'directly': [4784], 'return.': [4788, 4814, 5395, 5424], '9': [4794, 5224], 'partial': [4797], 'answer': [4798, 5429], 'question': [4801], 'posed': [4802, 5437], 'earlier': [4803], 'holds': [4825], '(g).': [4835], 'Had': [4836], 'selected,': [4840], 'Fortunately': [4849], 'limitation': [4851], 'easily': [4853], 'overcome.': [4854], 'footnote,2626': [4859], 'i*,': [4866], 'former': [4868], 'latter': [4876], 'g*.': [4879], 'above:': [4882], '*': [4907, 4909, 4916, 4925, 4931, 4942, 4944, 4948, 4950, 4954, 4956, 4959, 4962, 4966, 4972, 4976, 4978, 4982, 4989, 5011, 5019, 5025, 5027, 5031, 5040, 5050, 5059, 5065, 5069, 5078, 5095, 5116], 'Rg*': [4936], 'correlated:': [4939], 'g*': [4996], 'intercepts': [5002], 'E-axis': [5004], 'P:': [5006], 'Ri*': [5090], 'g:': [5092], 'Bi*g': [5117], 'Big.': [5127], 'arbitrarily': [5130, 5196], 'combinations,': [5137], 'measure': [5139], 'responsiveness': [5142, 5359, 5392], 'selected;': [5154], 'exactly': [5171], 'pictured': [5174], 'fact': [5179], 'correlated': [5191, 5210, 5268], 'justification': [5194], 'selecting': [5197], 'Alternatively': [5202], 'instead': [5206], 'variable': [5208, 5249], 'combinations.': [5218, 5346], 'vertical': [5220], 'measuring': [5233], 'sensitivity': [5235], 'chosen.': [5250], 'suggests': [5253], 'plausible': [5256], 'implication': [5260], 'expect': [5304], 'dependence': [5313], 'activity.': [5320], 'so,': [5322], 'diversification': [5323], 'enables': [5324], 'escape': [5328], 'resulting': [5333], 'swings': [5335], 'activity—this': [5338], 'remains': [5342], 'And,': [5347], 'activity': [5371, 5404, 5416], 'Assets': [5396], 'unaffected': [5399], 'rate;': [5410], 'promise': [5418], 'appropriately': [5419], 'questions': [5436], 'paper.': [5440], 'respect': [5449], 'whole,': [5459], 'doctrine': [5468], 'regard': [5480], 'individually,': [5485], 'yields': [5488], 'concepts:': [5493], 'practice': [5497], 'counselors': [5500], 'accept': [5502], 'defensive': [5508], 'respond': [5512], 'economy)': [5518], 'require': [5521], 'aggressive': [5523], 'significant': [5527], 'response).': [5528], 'familiarity': [5533], 'need': [5537], 'drawback.': [5542], 'provision': [5544], 'logical': [5547], 'framework': [5548], 'producing': [5550], 'contribution': [5564], 'own': [5567]}, 'cited_by_api_url': 'https://api.openalex.org/works?filter=cites:W2029056003', 'counts_by_year': [{'year': 2024, 'cited_by_count': 243}, {'year': 2023, 'cited_by_count': 332}, {'year': 2022, 'cited_by_count': 256}, {'year': 2021, 'cited_by_count': 626}, {'year': 2020, 'cited_by_count': 664}, {'year': 2019, 'cited_by_count': 639}, {'year': 2018, 'cited_by_count': 653}, {'year': 2017, 'cited_by_count': 657}, {'year': 2016, 'cited_by_count': 752}, {'year': 2015, 'cited_by_count': 856}, {'year': 2014, 'cited_by_count': 930}, {'year': 2013, 'cited_by_count': 885}, {'year': 2012, 'cited_by_count': 908}], 'updated_date': '2024-12-13T18:08:35.663114', 'created_date': '2016-06-24'}