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What is Utility Functions in Portfolio Optimization about?

1) In the 18th century, Daniel Bernoulli proposed introducing utility functions to value monetary payoffs from games of chance, in order to address the "St. Petersburg Paradox". He suggested using the logarithmic utility function, which provided a consistent way to value the infinite-expected-payoff game. 2) In the 1930s in Vienna, the mathematical colloquium studied price formation in competitive economies using utility-maximizing models of consumer and merchant behavior, relating it to earlier work by Lé

Author

李子

Language

EN