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This paper explores the coexistence of two paradigms in economics: the Capital Asset Pricing Model (CAPM) and Prospect Theory (PT). While PT contradicts the expected utility theory underlying CAPM, the authors demonstrate that the Security Market Line Theorem remains intact within the Cumulative Prospect Theory framework. The study highlights the implications of these paradigms on asset pricing and investor behavior, suggesting that both can coexist despite their theoretical conflicts.

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scribd01

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EN