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Adequate Decision Rules for Portfolio Choice Problems

Adequate Decision Rules for Portfolio Choice Problems by Thilo Goodall
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The author presents the theory of portfolio choice from a new perspective, recommending decision rules that have advantages over those currently used in theory and practice.

Portfolio choice theory relies on expected values. Goodall argues that this dependence has a historical basis and argues that current decision rules are inadequate for most portfolio choice situations. Drawing on econometric solutions proposed for the problem of forecasting outcomes of a chance experiment, the author defines adequacy criteria, and proposes adequate decision rules for a variety of situations.

Goodall's theory combines the problems of prediction and choice, and formulates solutions based on cost functions that fit the underlying decision situation.
Palgrave Macmillan; April 2002
129 pages; ISBN 9781403907318
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Title: Adequate Decision Rules for Portfolio Choice Problems
Author: Thilo Goodall
 
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