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Product Description
The Kelly Capital Growth Investment Criterion: Theory and Practice (World Scientific Handbook in Financial Economic) (9789814293495): Leonard C. MacLean, Edward O. Thorp, William T. Ziemba: Books. "It is fantastic. Everything seems to be there. It is a wonderful reference. Congratulations on completing this huge project that will be of great interest and value." ---- Professor David G Luenberger, Stanford University"This volume provides a fascinating historical account and critical assessment of the Kelly criterion (expected logarithmic utility maximization) as a universal criterion for the tradeoff between risk and return in portfolio management and gambling. Whereas economists have, by now, lost their innocence, recognizing that investors may have heterogeneous risk-return tradeoffs which may or may not be codifiable with von Neumann-Morgenstern preferences and even with rational decision-making, the quest for the Holy Grail of a universal criterion vividly documents early attempts to lay the scientific micro-foundations of economics. " ---- George M Constantinides, Leo Melamed Professor of Finance, The University of Chicago, USA
Shipping Weight: 2 pounds
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