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Max Gunther (June 28, 1927 – June 28, 1998) [1] was an Anglo-American journalist and writer. He was the author of 26 books, including his investment best-seller, The Zurich Axioms . Born in England , Gunther moved to the United States aged 11 after his father, Franz Heinrich (Frank Henry) became the manager of the New York branch of a leading ...
That is, if portfolio always has better values than portfolio under almost all scenarios then the risk of should be less than the risk of . [2] E.g. If Z 1 {\displaystyle Z_{1}} is an in the money call option (or otherwise) on a stock, and Z 2 {\displaystyle Z_{2}} is also an in the money call option with a lower strike price.
This is a list of axioms as that term is understood in mathematics. In epistemology , the word axiom is understood differently; see axiom and self-evidence . Individual axioms are almost always part of a larger axiomatic system .
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The Dutch book arguments are used to explore degrees of certainty in beliefs, and demonstrate that rational agents must be Bayesian; [2] in other words, rationality requires assigning probabilities to events that behave according to the axioms of probability, and having preferences that can be modeled using the von Neumann–Morgenstern axioms.
Mastering Financial Management, Financial Times Prentice Hall ISBN 978-0-273-72454-4; James Van Horne and John Wachowicz (2009). Fundamentals of Financial Management, 13th ed., Pearson Education Limited. ISBN 9705614229
The book is based partly on earlier research by von Neumann, published in 1928 under the German title "Zur Theorie der Gesellschaftsspiele" ("On the Theory of Board Games"). [6] The derivation of expected utility from its axioms appeared in an appendix to the Second Edition (1947).
Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade". [1] Its concern is thus the interrelation of financial variables, such as share prices, interest rates and exchange rates, as opposed to those concerning ...