Paul A. Samuelson

LIFETIME PORTFOLIO SELECTION BY DYNAMIC STOCHASTIC PROGRAMMING

Risk and uncertainty: a fallacy of large numbers

Proof That Properly Discounted Present Values of Assets Vibrate Randomly

Even the best investors seem to find it hard to do better than the comprehensive common-stock averages, or better on the average than random selection among stocks of comparable...

A Complete Model of Warrant Pricing that Maximizes Utility

The Pure Theory of Public Expenditure

Классическая работа лаурета Нобелевской премии по экономике Пола Самуэльсона, заложившая основу современной теории общественных благ. В статье формулируются условия выбора оптим...

The Fundamental Approximation Theorem of Portfolio Analysis in terms of Means, Variances and Higher Moments

Journal Article The Fundamental Approximation Theorem of Portfolio Analysis in terms of Means, Variances and Higher Moments Get access Paul A. Samuelson Paul A. Samuelson Massac...

The “Fallacy” of Maximizing the Geometric Mean in Long Sequences of Investing or Gambling

Because the outcomes of repeated investments or gambles involve products of variables, authorities have repeatedly been tempted to the belief that, in a long sequence, maximizat...

An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money

Fallacy of the log-normal approximation to optimal portfolio decision-making over many periods

Mathematics of Speculative Price

A variety of mathematical methods are applied to economists' analyses of speculative pricing: general-equilibrium implicit equations akin to solutions for constrained-programmin...