Portfolio Theorists

COLIN READis Professor of Economics and Finance at SUNY College at Plattsburgh, USA, and a columnist for the Plattsburgh New York Press Republican newspaper. He has a PhD in Economics, an MBA, a Master's of Taxation degree, is a JD in Law, and has taught environmental and energy economics and finance for 25 years. His recent books include BP and theMacondo Spill: The Complete Story, The Fear Factor, Global FinancialMeltdown: How We Can Avoid the Next Economic Crisis, The Rise and Fall ofan Economic Empire: With Lessons for Aspiring Nations, and a book on international taxation. He has written dozens of papers on market failure, volatility, and housing markets, writes a weekly newspaper column, and appears monthly on a local PBS television show to discuss the regional and national economy.

• Introduction A Roadmap to Resolve the Big Question PART I: JOHN VON NEUMANN The Early Years for John von Neumann and Oskar Morgenstern The Times and the Beginning of an Era The Theory of von Neumann and Morgenstern Applications and Elaborations of the von Neumann-Morgenstern Model The Later Life and Legacy of John von Neumann and Oskar Morgenstern PART II: LEONARD JIMMIE SAVAGE The Early Years Friedman and Savage's Times The Theory of Friedman and Savage Applications of the Concept of Subjective Probabilities Savage's Later Life and Legacy PART III: KENNETH J. ARROW Arrow's Early Years The Times Arrow's Great Idea Applications of the Contingent Claims Model Arrow's Life, Legacy, and the Nobel Prize PART IV: HARRY MARKOWITZ The Early Years of Harry Markowitz The Times and a New Paradigm in Personal Finance The Theory of an Efficient Portfolio Applications of Portfolio Theory The Nobel Prize, Life, and Legacy of Harry Markowitz PART V: WHAT WE HAVE LEARNED Combined Contributions in Portfolio Theory Conclusions