Borradores de Economia
Number:
520
Published:
Classification JEL:
G11, G23, G32, D81
Keywords:
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
The most recent
Juan Esteban Carranza-Romero, Alejandra González-Ramírez, Mauricio Villamizar-Villegas
Hernán Rincón-Castro, Steven Zapata-Álvarez
First developed by Markowitz (1952), the mean-variance framework is the most widespread theoretical approximation to the portfolio problem. Nevertheless, successful application in the investment community has been limited. Assumptions such as normality of