The Utility of Wealth
Title | The Utility of Wealth PDF eBook |
Author | Harry Markowitz |
Publisher | |
Pages | 12 |
Release | 1952 |
Genre | Wealth |
ISBN |
The Distribution of Wealth
Title | The Distribution of Wealth PDF eBook |
Author | John Bates Clark |
Publisher | |
Pages | 490 |
Release | 1899 |
Genre | Wages, prices and productivity |
ISBN |
Money in the Utility Function: An Empirical Implementation
Title | Money in the Utility Function: An Empirical Implementation PDF eBook |
Author | James M. Poterba |
Publisher | Palala Press |
Pages | 56 |
Release | 2018-03-03 |
Genre | Business & Economics |
ISBN | 9781379111283 |
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Money and the Mechanism of Exchange
Title | Money and the Mechanism of Exchange PDF eBook |
Author | William Stanley Jevons |
Publisher | New York : D. Appleton, c[1875] |
Pages | 396 |
Release | 1875 |
Genre | Exchange |
ISBN |
Series title also at head of t.p.
Andrew Carnegie Speaks to the 1%
Title | Andrew Carnegie Speaks to the 1% PDF eBook |
Author | Andrew Carnegie |
Publisher | Gray Rabbit Publishing |
Pages | 34 |
Release | 2016-04-14 |
Genre | Social Science |
ISBN | 9781515400387 |
Before the 99% occupied Wall Street... Before the concept of social justice had impinged on the social conscience... Before the social safety net had even been conceived... By the turn of the 20th Century, the era of the robber barons, Andrew Carnegie (1835-1919) had already accumulated a staggeringly large fortune; he was one of the wealthiest people on the globe. He guaranteed his position as one of the wealthiest men ever when he sold his steel business to create the United States Steel Corporation. Following that sale, he spent his last 18 years, he gave away nearly 90% of his fortune to charities, foundations, and universities. His charitable efforts actually started far earlier. At the age of 33, he wrote a memo to himself, noting ..".The amassing of wealth is one of the worse species of idolatry. No idol more debasing than the worship of money." In 1881, he gave a library to his hometown of Dunfermline, Scotland. In 1889, he spelled out his belief that the rich should use their wealth to help enrich society, in an article called "The Gospel of Wealth" this book. Carnegie writes that the best way of dealing with wealth inequality is for the wealthy to redistribute their surplus means in a responsible and thoughtful manner, arguing that surplus wealth produces the greatest net benefit to society when it is administered carefully by the wealthy. He also argues against extravagance, irresponsible spending, or self-indulgence, instead promoting the administration of capital during one's lifetime toward the cause of reducing the stratification between the rich and poor. Though written more than a century ago, Carnegie's words still ring true today, urging a better, more equitable world through greater social consciousness.
The F-Utility of Wealth
Title | The F-Utility of Wealth PDF eBook |
Author | Arun Muralidhar |
Publisher | |
Pages | 17 |
Release | 2019 |
Genre | |
ISBN |
Finance theory is based on a very simple, yet critical assumption that “individuals maximize the expected utility of wealth”. However, there are three crucial elements of this simple 6-word phrase that do not really stand the test of what investors actually do and one could argue, that the incorrect use of Modern Portfolio Theory (MPT) has led to the looming global retirement crisis. First, investors care about relative wealth (i.e., wealth relative to a goal) rather than absolute wealth, popularly called “Goals-Based Investing”. Second, individuals (or principals) are not always the ultimate decision makers -- rather, many investment decisions are delegated to agents, which distorts behavior. Third, and most crucially, most investors do not appear to focus on utility functions, but rather seek to maximize risk-adjusted return. Instead, finance theory should start with the assumption that “investors delegate to maximize relative risk-adjusted returns.” This paper seeks to show how incorporating these three simple and completely realistic changes impacts asset pricing, asset allocation and the correct use of risk-adjusted performance measures. While the initial step requires a re-think of finance theory and models, the more urgent goal is to ensure retirement security as this new approach leads to financial innovation, better regulation and potentially better retirement outcomes.
Wealth in the Utility Function and Consumption Inequality
Title | Wealth in the Utility Function and Consumption Inequality PDF eBook |
Author | Yulei Luo |
Publisher | |
Pages | |
Release | 2021 |
Genre | |
ISBN |