x4x5x6x7x8
x9xa
x3x4x5
x9xaxbxcxdxexfxcx10xdxex11x12x13x14x15x16
x9xaxbxcx17x18x19x1axcx1b xdxex1c
2003x1d2x1e7x1f
x20x21x22x23x24x25x26x21x22x27x28x25x29x2ax2bx2cx2d1
(x30x31x3bx33x34x352003x362x37))
(x35x36x37)
x18x3ax3bx3cx3dx3ex3fx40x41x42x43x44x3fx45
1874 x46 1 x47x48x49x4ax4bx4cx4dx4ex4fx50x51x52x53x54x55x56x57x58x4fx59x5ax5bx5c
x5d (L. Warlas, 1834x5e1910) x5fx60x61x62x54x63x64x65x66x67x54x68x4fx69x63x6ax69x6bx48
x6cx6dx6ex6fx62x54x70x71x57x58x72x73x69x63x54x74x75x76x77x78x79x7ax68x69x57x58x4fx54x7b
x7cx7dx7ex7fx0x1x2x55x56x68x4fx59x3x57x58x4fx59x4x5x4fx59x6x7 (A. A. Cournot,
1801x5e1877)x48x62x491838x46x8x9x61x65xaxbx69x63x54x68x4fx6ax69xcxdx6bx70xex48xf
x2x10x11x12x54x68x69x57x58x4fx13x14x15x4ex54x2x5ax5bx5cx5dx54x70x71x57x58x72x73x69x63x78
x16x17x2x48x18x19x1ax49x1x1bx48x70x71x57x58x72x73x69x63x1cx7ax2x1dx70x54x10x57x58x1ex1f
x20x8x54x69x63x78
x21x22x70x71x57x58x72x73x69x63x4ex2ax23x24x25x26x27x28x29x2ax49x70x2bx57x58x1fx2cx51
x2dx2ex57x58x2fx30x31x48x17x2cx70x32x33x2x34x35x31x48x70x32x33x2x36x37x31x78x34x35x31x38
x39x34x35x54x15x4ex3ax3bx48x36x37x31x38x39x36x37x54x15x4ex3cx3dx48x62x3ex54x57x58x2fx30x33
x3fx40x41x42x43x44x10x45x46x54x47x39x4x48x49x78x42x43x54x4ax4bx1fx4cx4dx10x47x39x4x48x49
x4ex4fx50x51x48x15x52x53x42x43x54x19x70x2bx69x55x54x70x71x72x73x4ax4bx1fx4cx78x49x25x2bx1f
x4cx56x48x47x39x57x48x49x54x19x72x73x48x58x59x2bx34x35x31x4x59x2bx36x37x31x5ax5bx54x19x61
x62x3ex54x15x4ex5cx75x39x78x5ax5bx5cx5dx5dx25x70x5ex55x60x54x1x25x26x54x68x4fx5fx60x2ax61
x62x42x43x44x70x63x51 l x64x45x46x48x59x70x64x45x46x54x48x49x4x47x39x5bx2x25 l x64x45x46
x54x4ax4bx54x65x68x78x66x2x25lx64x45x46x54x48x47x72x73x67x68x19lx2bx69x6ax78xfx2x4ax4b
x47x75x51x70x2bx6bx6cx6dx6ex48x6fx31x70x71x72x44x73x51x74x64x45x46x75x76x54x77x4ax78x51x79
x7ax48x7bx58x48x25 l x64x45x46x54x4ax4bx75x76x73x51 l ? 1 x64x45x46x54x4ax4bx2x7cx7dx54x78
x1x7ex48x5ax5bx5cx5dx7fx0x1x61x70x2bxax2x72x73x54x3x4cx48x4x21x51x45x46x48x49x54x5
x4ax6x7x8x9x66x21x51x45x46x47x39x54x5x4ax6x78x25x70x3x4cxaxbx67xcx1xdx5ax5bx5c
x5dx55xexfx48x10x11x3bx27x34x12x70x2bx69x6ax78x25x26x48x15x13x5ax5bx5cx5dx67x0x1x48x62x68
x19x61x39l ?1x64x45x46x4ax4bx54l ?1x2bx69x6ax21x14x41x54x69x6ax14x78x15x16x17x18x19
x1x7dx3ex1ax1bx54x1cx1dx69x6ax14x69x63x48x25x2bx69x6ax14x51x1ex48x17x1ex67x2x70x71x72x73
x4ax4bx1fx4cx78
x5ax5bx5cx5dx17x1fx20x6ax21x48x5ax22x23x24x7dx39x52x1fx68x4fx78x25x53x62x25x5dx62x54
x70x71x57x58x72x73x54x5ex55x60x54x41x68x4fx40x26x78xfx2x62x54x68x4fx27x28x29x33x51x2ax78
1x4x56x27x64x33x2852: 6 (2000), 29–33.
1
x2bx71x44x48x62x20x8x54x44x29xdx68x4fx63x2cxfx49x68x4fx44x2x2dx2ex2fx30x54x78x25x2x7bx1
x31x32x69x6ax14x2ex2x1cx1dx54x48x33x34x69x6ax14x2cx54x69x6ax2bx68x57x69x6ax2x35x51x1ex67
x36x51x37x34x18x38x3x4cx78x25x26x48x39x68x4fx54x3ax3bx27x3cx48x3dx3ex27x48x5ax5bx5cx5dx54x70
x71x57x58x72x73x1fx4cx7cx52x36x51x3fx71x54x40x41x78x25x2bx5fx60x57x1fx68x4fx59x4x57x58x4f
x59x3e80x46x54x42x43x48x78x68x24x1ex44x78x17x2cx45x46x4ex68x4fx59x47x48x7x49x4a(J. von
Neumann, 1903x5e1957)x48x62x4bx4920x4cx4d30x46x4ex4fx50x19x70x71x57x58x72x73x54
xcxdx2cx12x48x51x7bx7ex20x8x62x54x52x53x54x57x58x54x3dx55x56x57x58x45x461973x46x7x59
x5bx57x58x4fx5ax5bx68x31x5cx5dx51x5e(W. Leontiev, 1906x5e1999)x48x62x4920x4cx4d30
x46x4ex5fx6fx7cx62x54x4fx1x37x8x69x55x54xcxdx48x25x64x69x55x49x71x60x44x2x70x2bx70x71
x57x58x72x73x54x1cx1dx55x56x78x33x3fx5bx681970x46x41972x46x7x59x5bx57x58x5ax54x61x62
x5bx63(P. Samuleson, 1915x5e)x4x64x65x5d(J. R. Hicks, 1904x5e1989)x48x5ax2x7b
x62x3ex3bx68x4fx69x26xcxdx70x71x57x58x72x73x1fx4cx58x52xcx78x58x15x52x491954x46x49x8
x70x71x57x58x72x73x66x49x1dx54x67x4bx2cx68x54x2x69x6a(K. Arrow, 1921x5e)x4x6bx6cx6d
(G. Debreu, 1921x5e)x78x62x3ex10x70x71x57x58x72x73x5fx60x49x8x61xbx51x57x58x6ex7ax54
x68x4fx55x56x48x3cx3b1941x46x12x6fx68x4fx59x3ax70x71x5e(Kakutani Shizuo, 1911x5e)
x10 1911 x46x5fx60x54x72x73x68x4fx59x6cx74x75 (L. E. J. Brouwer, 1881x5e1967) x20
x8x54x2ex30x77x62x69x54x76x77x48x78x49x8x70x71x57x58x72x73x4ax4bx1fx4cx54x66x49x1dx2cx68x78
x62x3ex78x7dx5ax7bx7ex79x13x661972x46x41983x46x5bx68x7x59x5bx57x58x4fx5ax78
x69x6ax4x6bx6cx6dx5bx24x4fx7ax68x4fx6fx7cx62x3ex54x4fx7bx36x7cx78x69x6ax51x68x4fx54x4f
x4bx4x7dx4bx4fx6ex48x6bx6cx6dxex7ex7fx2x74x0x6ex69x5cx69x55x54x55x56x6cx5bx1x40(Bour-
baki)x4fx2x3x28x8x27x54x68x4fx59x78x62x3ex78x7dx2x4x47x48x7x49x4ax24x13x48x15x5x49
x57x58x4fx2cx0x1x68x4fx6ex69x5cx69x55x54x4fx31x78x69x6ax491951x46x8x9x54x65x6x4dx7
x8x57x2bx7dx4ax6x6bx70xex2cx48x67x4bx2cx68x61x9xax70xbxcx75x61xdx54x6x4dx44xex6a
xex2ex23x25x2exfx10x66xdx11x2bx7dx70x61x12xfx54xdx7cx13x6axexfx78x25x67x2x52x53x54x69
x6ax2ex23x25x1dx62x69x78x58x6bx6cx6dxex2x49x62x57x69x6ax70x14x2cx68x54x70x71x57x58x72x73
x66x49x62x69x54x40x41x44x48x5dx1ex2bx70x71x57x58x72x73x69x63x67x4bx68x4fx6ex69x5cx48x40x41
x62x661959x46x8x9x54x65x4ax6x69x63x6bx70xex78x25x6f114x15x54x16xex48x11x17x19x11x0
x1x2x1ax4ex68x69x57x58x4fx54x18x6ax19x78
x57x58x4fx1x37x34x47x75x68x4fx6ex69x5cx69x55x2x70x2bx7cx52x66x49x1ax63x54x5fx60x78
x10x66x25x2bx5fx60x48x6bx6cx6dx54x1bx1cx2x2a xdx3fx1dx68x4fx67x4bx1dx48x53x6ex69x5cx19x57x2e
x1bx70x6dx1ex0x1fx57x58x4fx59x10x20xcxdx54x5fx60x51x21x22x23x54x69x1ex48x51x53x24x25x25
xbx5fx60x54x68x4fx26x27x3bx68x21x28x78x25x67x1x24x20x69x24x6fx29x48x2ax7dx61x70x2bx23x2b
x54x40x1ex78x10x53xcxdx31x39xcx2cx76x2dxbx7dx20x2ex54x59x70x2fx51x54x30x31x2cx32x50x8
x27x78x67x4bx1dx33x34x9xax61x2dx2ex17x4ex57x58x4fx59x54x35x43x47x75x48x7bx7ex48x62x3ex1
x61x36x50x54x6ax7bx58x38x39x10x48xfx2x2ex1x51x3ax54x5ex55x20x37x48x10x5ax2x69x63x54x38
x39x78xf ([4])x49x25x26x54x79x7ax56x48x3ax3ex78x25x3bx3cx69x1ex1ax4ex68x69x57x58x4fx3x68x69
x3dx3ex4fx54x5fx3fxdx40x79x41x42x37x34x78x17x7ax48x25x51x43x79x41x42x7ex1fx10x74x64x1ax44x3
x71x45x3x46x2bx54x47x29x3x6ax5cx3x48x33x48x53x7dx3ex39x2cx49x8x2dx2ex5x69x27x54xdx64x4f
x64x5cxfx54x0x4ax69x55x2ex25x0x4ax57x58x4fx3x3dx3ex4fx54x70xbx69x4bx78xfx2x0x1x57x58
2
x4fx3x3dx3ex4fx2ex47x75x3bx6ex69x5cx69x55x4cx4dx54x4ex4fx69x63x48x58x73x47x75x10x57x58x1a
x71x3x3dx3ex42x43x4fx50x76x51x54x57x52x48x33x53x21x2ex25x0x4ax57x58x4fx3x3dx3ex4fx54x6f
x60x78
x54x15x55x56x57x58x59x16x5ax5bx301900x1e
x5cx7ax54x3dx3ex4fx2x5dx3dx3ex42x43x54x57x58x4fx78x1ax4ex79x7ax56x54x3dx3ex42x43x5e
x5fx19x51x60x61x46x24x44x54x62x63x48x10x39x70x6fx7cx67x2x57x58x4fx54xcxdx10x44x78xfx2
x1ax4ex3dx3ex4fx7ex7fx0x1x73x51x2ex1950x46x54x62x63x78x2550x46x5ax67x2x53x3dx3ex4fx41
x1x23x3bx68x4fx6ex69x5cx69x55x4cx4dx54x62x63x78x39x5ax5bx5cx5dx64x69x6ax64x6bx6cx6dx54x70
x71x57x58x72x73x1fx4cx54x76x77x27x3cx48x1ax4ex3dx3ex4fx54x65x70x66x64x67x2x69x6ax661953
x46x5fx60x54x63x64x65x2cx68x49x69x6ax6bx6cx54x15x6dx6ex6fx2cx54x2ex3bx6bx78x49x25x66x63x64
x2cx48x69x6ax5dx2cx68x69x1ex1x49x2ex3cx62x54x2ex10x70x71x56x51x2ex10x4ax6x54x45x46x78x25
x70x5ex55x13x27x7fx11x6bx6cx6dx21x5fx3fx48x62x5dx6ax27x54x70x71x57x58x72x73x55x56x7ex1fx29
x77x45x46x72x76x54x75x68x27x73x69x3dx3ex42x43x48x17x2cx2cx68x33x43x2x2ex10x18x76x3x2ex10
x74x75x56x51x2ex10x4ax6x54x45x46x78xfx2x13x27x4ex59x5fx1ax48x5dx3dx3ex42x43x3bx25x64x69
x26x76x10x66x77x7ex45x46x42x43x2x2ex25x24x54x78x6ax7bx49x66x10x78x79x61x3dx3ex42x43x54x2e
x3cx62x1dx6fx60x78x16x17x2x17x2cx7ax6ex42x10x59x70x64x23x25x5fx36x54x70x71x5bx51x7bx7x54
x2cx68x7bx10x7x48x31x10x59x70x64x23x25x51x54x3dx3ex69x6ax5bx51x7cx6ax33x26x48x57x1ax71x7b
x7dx7ex7fx78
x25x26x48x57x58x4fx59x3ex7fx1x3dx3ex4fx0x39x17x62x54x68x4fx4cx4dx78x20x54x68x4fx4cx4d
x54x1ax4ex3dx3ex4fx11x0x1x2x78x6dxdx1x5bx2x3x4xfx54x37x5x78x65x70x6dxdx1x5bx2x3
x4xfx2x5d1952x46x6x4ex75x7(H. Markowitz, 1927x5e)x54x2cx68x14x25x7x8x69x63x54
x5fx4cx78x65x8x6dxdx1x5bx2x3x4xfx2x5d1973x46x6cx9x65(F.Black, 1938x5e1995)x64
xax5bx5d(M. Scholes, 1941x5e)x3exbx62x4ax6ex26x54x5fx4cx78x25x78x6dxdx3x4xfx54xc
x77x75x70x5bx2xdx6fx61x70x71x57x58x72x73x54x69x63xex4cx48x24x2ax49xfx3dx18x3ex10x5bx11
x11x12x54x57x58x4fx59x3ex0x1x2xdx13x14x15x70xfx78xfx2x10x3ex7fx3cx71x53x24x1x5bx2x1
x4ex60x54x3dx3ex42x43x0x14x61xdx3x4xfx48x39x58x15x52x5ax53x3dx3ex4fx5fx36x16x6fx17x76x78
x6x4ex75x7x7bx7ex18x5b1990x46x54x7x59x5bx57x58x4fx5ax48xax5bx5dxex4x10x3exbx62x4a
x69x63x2ex8x4cx12xcxdx54x19x1a(R. Merton, 1944x5e)x70x14x18x5b1997x46x54x7x59
x5bx57x58x4fx5ax78x2ex1bx54x2x6cx9x65x661995x46x5x1cx48x36x51x57x62x3ex70x14x1dx5ax78
x6x4ex75x7xcxdx54x2x25x26x54x70x2bx5fx60x2ax70x2bx4fx1ex31x10x18x49x2dx2ex64x2c
x68x44x4fx1ex48x33x34x7x8x31x1fx7x8x74x64x2cx68x54x4fx1ex77x45x48x53x68x4fx1ex20x21x15
x4ex48x69x6ax15x16x78x10x7ex48x6x4ex75x7x49x76x22x44x54x15x4ex23x67x49x66x62x5dx20x21x57
x69x6ax25x78x2bx6ax6fx51x77x6ex24x54x25x22x68x3cx1x37x1fx54x68x4fx25x22x78x26x66x2cx68x4f
x1ex44x54x20x21x2x2ex3cx62x54x48x6x4ex75x7x6cx79x5dx2cx68x54x20x21x27x3cx2ex70x2bx28x29
x2ax6cx48x58x20x21x62x7ax1x25x2bx28x29x2ax6cx54x72x6(x68x4fx3ex2b)x48x69x6axex62x7ax1x25
x2bx28x29x2ax6cx54x38x2cx7d(x25x57x7dx3ex7ex7fx5dx69x6ax3cx2ex23x25x51x54x2dx2ex54x5ex55x7b
3
x7dx2fx7f)x78x66x2x31x32x5dx74x2cx68x54x4fx1ex77x45x3cx2ex2ax6cx48x5fx60x67x30x31x1x32x26
x53x2cx68x14x25x54x20x21x15x4ex3x69x6ax15x16x54x68x4fx33x34x78x10x59x70x35x62x20x21x5bx39
x8x17x15x16x69x6ax48x33x34x49x69x6ax64x20x21x36x4bx44x48x67x23x37x8x70x38x39x1cx48x10xcx1
x14x25xbx3ax78x6x4ex75x7x69x63x54x40x6fx31x63x67x2x2ax49x2cx68x3bx2dx3cx72x54x38x3dx56x48
x14x25xbx3ax2x70x38x3ex39x1cx54x70x3fx57x49x2cx68x2ex3bx2dx3cx72x54x38x3dx56x48x14x25xb
x3ax2x40x41x42x3ex39x1cx42x54x43x38x78x14x25xbx3ax54x44x44x32xcx1x51x3axbx3ax78x10x66
x51x3axbx3ax44x54x2cx68x14x25x27x70x48x2ex66x49x20x21x4x69x6ax78x69x4bx5bx6dx66x10x54x2c
x68x14x25x78x25x10x66x4fx1ex31x54x44xex27x70x36x7ax51xfx45x75x54x46x47x4ax6x78
x6x4ex75x7x69x63x2x70x64x48x26x7bx1dx54x2cx68x14x25x7x8x69x63x78x25x70x69x63x17
x46x2x2ex1x62x49x49x0x4ax4ex4fx54x4bx4bx63x64x20x8x54x78xfx49x63x64x1cx4cx18x48x10x11
x4dx70x6ex17x18x19x4ex51x4fx53x3x13x27x5ax24x62x54x50x51x74x7ax58x5bx681976x46x7x59x5b
x57x58x4fx5ax54x52x18x6bx4a(M. Friedman, 1912x5e)x53x75x1x2a xdx25x2ex2x57x58x4fx54
xfx1x7ex48x6x4ex75x7x13x27x2ex68x2ex0x1x24x20x21x4x69x6ax1x36x2ax6cx54x3ax3bx65x68x48
x27x53x62x54x69x63x55x1x7ex7fx54x70x71x57x58x72x73xex4cx78x6x4ex75x7x54x4fx36x56x77(W.
Sharpe, 1934x5e) x4x4dx70xbx57x58x4fx59x48xex4ex70x57x49x70x71x57x58x72x73x54xex4c
x56x48x61x62x21x51x4fx1ex31x5bx24x25x64x3ax3bx65x68x27x44xex48x58x1fx8x7fx42x43x54x2cx68x14
x25x54x20x21x27x2x51x3ax54x24x58x21x22x1ex6fx1ex37x62x4ax55x56(Capital Asset Pricing
Model, CAPM)x78x56x77x7bx7ex57x6x4ex75x7x70x14x18x5b1990x46x54x7x59x5bx57x58x4f
x5ax78x4dx70x6e1981x46x7x59x5bx57x58x5ax5bx68x31x59x36(J. Tobin, 1918x5e)x49x10x66
x3bx2dx3cx72x54x2cx68x14x25x7x8x5fx60x54xcxdx2cx48x1fx8x59x70x64x51x3ax2cx68x14x25x5b
x2x70x64x33x69x6ax1ex37x57x70x64xcx5ax54x69x6ax1ex37x54x14x25 (x10xcx1x8x40x3dx33x5b
x62x69)x48x39x58x68x8x70xbx5cx76x57x58x69x4bx54x31x63x78
x491990x46x57x6x4ex75x7x4x56x77x70x14x33x4ex7x59x5bx5ax54x4dx70x6ex57x58x4fx59
x2x20x5dx5ex12x4cx54x5fx60(M. Miller, 1923x5e2000)x78x62x57x4dx70x6ex491985x46x5b
x68x7x59x5bx5ax54x61x62x3cx69x63(F. Modigliani, 1918x5e)x70x14x491958x46x24x13x5f
x60x61x70x4cx5cx63x64x48x64x65xdx6ex66x54xax2x67xe(x33x68x3x69xb/x6axbx77x9)x2x35
x4dx13x14x6ex66x54x4ax6xfx25x70x74x60x78x62x3ex54x31x63x2x2ax49x69x55x54x42x43x38x3dx56x48
x6ex66x54x4ax6x57xax2x67xex33x3x78x13x27x62x3ex54x25xbx31x63x67x11xcx1x61x62x3cx69
x63x64x5fx60x62x69x78x62x3ex54xcxdx2exfx1x6ex66x69xax25x23x20x4fx4ex6bx62x61x40x41x48
x51x6cx6cx6dx49x64x67x2cx68x3cx20x8x33x6dx3cx61xdx78x21x22x33x6dx3cx61xdx2x5dx49x70x2b
x7ex6ex54x3dx3ex42x43x2cx48x2ex66x49x6dx3cx29x4d(x4x3cx62x54x6fx70x71x3cx75x72x54x29x4d)x78
x7bx7ex48x31x32x78x2bx6ex66x53x27x54(x2ex3cx62x54)x4ax6x2x70x26x54x48x33x34x10x3ex11x17
x54x4ax6x5ax7x8x70x26x48x58x57x10x3exax2x67xex33x3x57x35xex7dx3ex67x23x7ex1fx70x3c
x78x2bx6ex66x54x6ax73x27x5bx68x6dx3cx78x54x19x70x71x57x58x72x73x54x3dx3ex42x43x74x7ax70x62
x9xax33x6dx3cx61xdx78x25x26x48x61x62x3cx69x63x64x5fx60x62x69x57x70x71x57x58x72x73xex4c
x2x7bx75x54x78xfx2x18x38x39x33x6dx3cx61xdx8x5fx27x10x3dx3ex37x46x62x4ax48xex53x63x2c
x4ex4ex28x5cx78x25x67x49x7dx24x76x5fx48x3ax3ex2excx70x62x75x77x44x78x45x54x70x71x57x58x72
x73x54x29x79x4cx48x39x33x6dx3cx61xdx8x5fx67x19x57x23x1x3dx3ex37x46x54x62x4ax68x19x2dx2e
x31x32x78x39x7ex48x3dx3ex57x58x4fx67x6fx7cx24x33x6dx3cx61xdx2ex1x8x5fx77x78
4
x24x33x6dx3cx61xdx2ex1x8x5fx77x54x70x4ex41x67x5ax67x2x6cx9x65x64xax5bx5dx3exb
x62x4ax69x63x78x21x22(x6ax73x70x1)x3exbx2x5dx24x11x35x62x54x7ax4fx4ax4bx49x70x62x54x3e
x2ax10x70x1x11x64x6ax73x54xbx3cx78x3exbx49x10x11x7ax4fx18x54x4ax4bxfx7bx7cx48x4x2ax31
x32x6ax73x54x42x4ax71x66x3exbx33x62x54x7ax4fx4ax4bx48x33x34x3exbx54x4ax4bx67x2x42x4ax57
x7ax4fx4ax4bx75x7dx57x31x32x6ax73x54x42x4ax6fx66x3exbx33x62x54x7ax4fx4ax4bx48x33x34x3exb
x2x33x3bx54x48x17x4ax4bx1x7dx78x1ax49x75x5fx3exbx49x17x11x7ax4fxbx7x8x32x26x3bx6ax73
x4ax4bx27x62x4ax7ex1x1ex44x25x70x5fx60x48x6cx9x65x4xax5bx5dx79x5dx55x56x7fx0x30x71x5cx78
x62x3ex61x62x55x56x2cx51x78x64x2cx68x48x70x64x2x69x68x48x10x2x33x69x6ax2cx68x48x5ax2x2c
x68x4ax6x54x6bx6cx40x2cx48x17x20x21x27x2x7fx68x57x4dx70x64x2x6ax73x48x10x2x69x6ax2cx68x48
x3ax3bx6x4ex75x7x54x11x12x48x10x5ax23x3bx2cx68x20x21x27x54x3ex2bx4x69x7dx27x23x34x48xf
x2x30x71x5cx24x13x48x17x4ax4bx54x2ax5cx9xax70x2bx28x29x1x33x69x6ax48x17x6ex7ax2x28x18
x76x2ax5cx54x28x29x20x21x27x48x17x3ex2bx6x4x69x7dx5bx57x18x76x76x2x41x3bx77x78x25x64x28
x29x1x33x69x6axcx1x3x1fx6cx4 (Brown) x5x30x78x7ax13x48x3cx3bx59x70x18x23x5bx23x7e
x1fx6ax73x4x3exbx54x24x17x14x25x10x6x69x6ax48x53x68x8x14x25x2ax41x33x69x6ax2cx68x48x39
x58x67x23x68x19x3exbx4ax4bx57x6ax73x4ax4bx75x76x54x70x2bx7x1x33x69x6ax48x17x2cx54x46x68
x2x18x76x3x3exbx54x7ax4fx4ax4bx3x69x68x54x3cx27x4x6ax73x4ax4bx54xdx8x30x27xfx78x8x7d
x79x9x54x2x25x70x69x6axax7ax58x51x74x26x1ex78x66x2x6cx9x65x64xax5bx5dx3exbx62x4ax6e
x26x67x25x26x5fx4cx61x78
xfx2x57x6x4ex75x7x54xbxcx72xdx48x6cx9x65x64xax5bx5dx6ex26x54x5fx60x5axexf
x45x45x1ex57x1fx28x3x46x78x57x42x43x2cx4fx1ex7dx4fx1x33x3x54x3dx3ex1ex37x54x62x4ax6ex26x48
x10x66x7ax10x66x3bx70x71x57x58x72x73xex4cx10x45x46x62x4ax54x57x58x4fx59x27x70xfxfx38x11x78
x25x26x48x6cx9x65x4xax5bx5dx2ex68x2ex18x38x19x42x43x2cx12x52x2cx62x3ex54x6ex26x78x31x32
x12x7dx43x7fx9x79x78x51x3x3exbx62x4ax71x2cxcxdx31x32x79x491972x46x5fx60x78x7ax13x13
x2x69x63x33x14x661973x46x3bx26x5fx60x78x57x7ex3x15x10x18x54x2x49x0x4ax3exbx66x16x21
x5ax491973x46x3bx26x76x816x64x6ax73x3exbx54x17x18x66x16(x49x7ex75xbx3exbx73x51x43
x19x66x16)x48x53x68x1ax36x2cx68x42x43x39x7ex1bx1bx1cx1cx1ex5fx3fx14x27x78x6cx9x65x64xax5b
x5dx6ex26x5ax7bx7ex51x68x2ex7bx54x29x4dx68x19x1dx33x52x2cx48x58x53x10x41x1x7dx72x51x63x24
x27x7x3bx15x1ex1fx54x70x2bx68x4fx6ex26x78
x6cx9x65x64xax5bx5dx6ex26x54x41x20x57x19x1ax54xcxdx2x33x2ex6fx54x48x13x31x2fx5e
x49x5dx62x3ex54x69x63x22x5cx4x4cx12x5cx44x2ex8x21x4ex54x23x67x78x19x1ax54xcxdx13x27x11
x5x31x49 1990 x46x8x9x54x65x7fx0x18x76x3dx3ex4fx6bx70xex2cx78x10x3dx3ex5fx60x2ax7dx7f
x0x18x76x55x56x5ax49x5d30x46x2cx41x1x3dx3ex4fx54x2cx21x78x25x31x10x7fx0x2ax6cx54x1x33
x4fx49x5ax5bx5cx5dx18x4ex4ex1x57x58x4fx33x26x48x22x23x1ax71x54x57x58x2ax6cx24x5fx2x7fx0
x54x48x1x33x4fx25x25x51x43x1ex73x69x57x58x4fx2cx54x15x4ex3ax3bx5fx60x57x58x7fx0x2ax6cx54
x3dx3ex55x56x10x26x53x25x51x43x54x28x29x33x14x21x22x23x1ex26x27x3dx3ex5fx60x54x28x29x1dx78
x2ex1fx3bx7fx0x18x76x55x56x27x73x69x3dx3ex5fx60x51x43x39x6cx9x65x64xax5bx5dx64x19x1ax69
x63x6fx7cx78 20 x4cx4d 50 x46x4ex48x61x62x5bx63x67x19x5fx1ax48x70x6ex3x15x11x7dx28x29x54
x55x56x68x4fx59x1x2ax18x2b(L. Bachelier, 1870x5e1946)x5x491900x46x19x57x49x62x54
x4bx4bx63x64x65x4fx29x69x63x6bx2cx3bx6cx4x5x30x27x23x34x6ax73x54x4ax4bx2ax5cx48x51x6cx25x2
5
x62x63x44x65x70x6dx49x8x54x6cx4x5x30x54x68x4fx62x7ax48x77x7dx3ex1ax1bx54x2cx7bx5dx2d(A.
Einstein, 1880x5e1955) 1905x46x54x51x3x6cx4x5x30x54xcxdx58x75x5x78x16x17x2x1
x2ax18x2bx71x60x44x19x57x6fx7cxcxdx3exbx62x4ax69x63x48x58x6cx9x65x64xax5bx5dx64x19x1a
x54x20x2ex17x71x5bx2x49x61x62x5bx63x54x13x14x56x48x2ex0x61x1x2ax18x2bx54x20x2ex78x25x26
x70x27x48x68x69x3dx3ex4fx54xdx2fx21x30xfx67x41x61x1x2ax18x2bx78x10x7ex48x55x56x7dxfx36x31x48
x15x5dx62x3ex22x23x41x7dx61x56x72x1dx54xdx1x2ax18x2bx32x4dxfx78 2000x466x47x48x32x4dx49
x1x33x34x6fx65x70x35x4fx4ex54x56x72xdx1x2ax18x2bx4dx36xfx48x24x4dx22x1x2ax18x2bx54x63x64
x5fx4c100x37x46x78
x38x39x4x32x18x3ax3bx3cx10x3dx3ex56x3bx3cx3fx40x41xb
x6cx9x65x64xax5bx5dx6ex26x54x41x20x5ax2x3bx33x6dx3cx61xdx27x1x3dx3ex1ex37x62x4a
x54x41x20x78x25x70x41x20x42x531976x46x6ax5d(S. A. Ross, 1944x5e)x54x6dx3cx62x4ax69
x63(APT, Arbitrage Pricing Theory)x54x8x1ax78 APTx2x2ex1CAPMx54x43x4e
x5x58x5fx4cx54x78 CAPM x54x52x2cx44x58x10x42x43x14x25x2x35x51x3ax54x52x2cx48xfx2x25
x49x71x2cx44x2x2ex23x4fx54x78x66x2x45x10CAPMx54x6dx7bx46x55x56x48x6ax5dx20x8xaxb
x11x12xcx1APTx54x2ex7bx46x55x56x27x47x4ex10x78x10x7ex48x6ax5dx4dx48x61x70x2bx70x71x72
x73x55x56x48x2cx68x61x74x4fx1ex31x1dx51x54x2cx68x4ax6x49x42x43x14x25x2cx54x49x4ax4bx27x4b
x16x18x48x59x64x2cx68x54x20x21x5bx23x3bx40x41x40x6fx57x58x7bx46x27x70x2ax5dxdx1ex1cx1dx60
x27x78x13x27x51x7dx5fx1ax48x31x32x4cx4cx47x75x10x74x64x3dx3ex1ex37x62x4ax54x2ex7bx46x55x56
x2ex8x1ex4dx48x51x2ex47x75x70x71x72x73xex4cx48x58x73x47x75x1cx1dx55x56x61xdx4xdx5dxdx33
x6dx3cx61xdxfx2ax31x32x2cx68x14x25x54x69x6ax4bx27x4bx16x48x33x34x10x54x20x21x27x67x4dx4bx27
x4bx38x5dx33x69x6ax20x21x27x78x25x26x48x6ax5dx54APTx67x2ax68x21x0x53x4ex17x71x78x39x69
x63x44x27x70x48x6ax5dx49x17APTx54x57x4fx63x64x2cx21x45x75x54x23x67x2x20x8x61x6dx3cx62
x4ax54x70x71x6ax69x48x17x31x32x13x27x11xcx1xdx1ex37x62x4ax40x6fx62x69xfx78x25x38x62x69x23
x60x29x1x2ax33x6dx3cx61xdx9x4ax66x66x49x10x50x27x2ex3cx62x70x71x54x11x64x9x4ax25x27x51
x3bx48x53x68x59x70x64x3dx3ex1ex37x10x8x9x4ax25x27x51x3bx54x3ex2bx20x21x27x5bx9x66x33x69
x6ax2cx68x54x20x21x27x78 1979x46x6ax5dx58x57x47x65x5d(J. C. Cox)x4x6dx52x5dx2d(M.
Rubinstein) x70x14x48x3cx3bx25x26x54x1ex37x62x4ax40x6fx62x69x10x6cx9x65x64xax5bx5dx6e
x26x49x8x61x70x64x28x5cx2cx68x48x17x2cx6ax73x4ax4bx11xdx55x1x49x50x27x40x41x18x76x76x2
x2cx4bx27x4bx2ex3cx62x1ex33x53x2ax5cx48x58x59x78x2bx18x76x76x2x75x76x5bx51x44x29x54xdx50
x27x20x21x54x3ex2bx6x9x66x33x69x6ax20x21x27xfx41x7dx78x26x7ex68x19x3exbx62x4ax54x5bx54
x55x56x78x58x6cx9x65x64xax5bx5dx6ex26x33x43x2x25x70x5bx54x55x56x17x18x76x76x2x55x24x66
x7dx18x54x24x2ax78
x25x26x70x27x48x3dx3ex57x58x4fx67x49xfx4ex6ax3bx44x5bx6fx61x70x71x57x58x72x73xex4cx48
x58x73x47x75x39x9x4ax66x33x6dx3cx61xdx54x1ex37x62x4ax40x6fx62x69x8x5fx78x26x7ex23x24x68
x19x2dx2ex1x3dx3ex1ex37x62x4ax54x37x1fx55x56x4x6ex26x48x51x6cx40x41x45x4fx56x4fx36x4fx7a
xdx4fx1ex4fxfx54x74x75x10x75x78 1998 x46x5fx60x49x6bx56x21x2ex54x60x1x65x3dx3ex4fx54x62
x63x6bx54x57x58x2cx5dx25x26x54x1ax44x47x29x41x2ax3dx3ex4fxcxdx11x33x59x1x57x58x4cx64x65
6
x54xdx5cx76x33x5ax3dx3ex4fxfx4x45x4fx56x64x65x54xdx1x76x33x5ax3dx3ex4fxfx78x25x18x54x74
x75x48x3fx75x70x67x49x66x2x35x75x55x1x70x71x57x58x72x73xex4cx78x10x18x48x5fx60x58x5dx8x48
x49x3dx3ex4fxcxdx2cx48 xdx33x5axcxdxfx57xdx71x2cxcxdxfx75x76x54x5bx1cx5cx51x2exfx7b
x5dx78x33x63x2x57x58x4cx54xdx5cx76x33x5axfxcxdx58x2x45x4fx56x54xdx1x76x33x5axfxcxd
x70x71x5bx5fx2ex61x5x3bx55x56x4x68x5ex54x71x2cxcxdx78x2ex1fx26x66x3dx3ex4fxcxdx57x71
x72x3dx3ex42x43x54x5fx60x61x4cx48 xdx1x76x33x5axfxcxdx74x7ax77xdx5cx76x33x5axfxcxdx75
x62x63x68x2ex78
x5ex7ex48x39x68x69x57x58x4fx19x68x69x3dx3ex4fx54x61x46x1bx64x19x23x40x6fx58x70x42x65x78
x3bx31x5fx60x49x44x29x57x58x2cx21x70x48x1bx64x3dx3ex4fx54x62x63x51x70x69x66x75x73x48x67x2
x3cx3cx51x67x7bx3dx3ex4fxcxdx58x5bx68x7x59x5bx57x58x5ax78x3ax3ex54x1bx64x10x26x3cx3bx61
x25x70x77x78x68x28x49x6fx64x5fx69x3ex76x48x11x27 2000 x46x54x7x59x5bx57x58x5ax54x34x6ax2a
x5bx5ax31x1x78x6ex6bx56x57x58x4fx59x6cx6dx5dx48x6ex65x4a(James J. Heckman, 1944x5e)
x4x6fx63x5bx48x70x65x55x71(Daniel L. McFadden, 1937x5e)x48x24x60x72x62x3ex49x57x6f
x64x74x60x60x73x7bx3x54x1x76x6bx6cx57x58x4fx1dx74x21x2ex8x54x23x67x78x33x34x58x51x67x4d
x7bx1x17x3dx3ex4fxcxdx4921x4cx4dx5bx68x7x59x5bx5ax75x7e
x39x3ax3ex54x76x29x2cx3cx27x48xdx15x6ax5dx51x77x4ex64x2bx78xfx2x49x5fx60x54x57x58
x2cx48x62x21x0x76x78x62x54x49x0x4ax4ex4fx54x10x2bx55x79(E. F. Fama)x78x55x79x54x41x67
x6cx79x2x7bx1x62x4920x4cx4d60x46x4ex5fx6fx7cx54x42x43x51x3ax1dx69x4bx54xcxdx78x21
x22x42x43x51x3ax1dx5fx60x2x5dx42x43x4ax4bx2x35x1dx33x7ax7bx42x43x7cx6ax54x5fx60x78x17x3d
x3ex45x46x62x4ax19x57x2ax7dx49x33x6dx3cx61xdx54x40x41x44x18x48x10x42x43x2x35x51x3ax54x71
x2cx7dx52x67x4x3dx3ex69x63x2x35x57x42x43x1ax71x7bx4ex3x15x41x61x70x1bx2bx78x25x4ex2ax23
x24x25x26x27x70x48x31x32x3dx3ex42x43x54x4ax4bx2ax5cx25x7ex1fx6cx4x5x30x75x72x54x42x43x51
x3ax1dx61xdx54x7dx52x48x33x34x42x43x67x4dx9xax33x6dx3cx61xdx78x25x18x48x69x63x77x77x4e
x25x71x72x48x58x10x4fx1ex31x27x70x48x7bx1x36x51x6dx3cx29x4dx48x67x73x25x7ex47x7cx7fx54x4f
x1exex0x78x58x31x32x42x43x51x3ax1dx61xdx7dx52x7ex2ex1fx48x33x34x10x53x7ax7bx42x43x51x6d
x3cx29x4dx48x42x43x4ax4bx49x70x62x6ax3bx44x51x23x1x51x1dx48x4fx1ex31x67x7x8x7ex47x2x24
x54x4fx1exex0x78x3x76x59x4fx54x6ax42x26x7bx33x14x75x72x67x4dx14x77x4ex2ex3bx78x25x26x48x42
x43x51x3ax1dx54xcxdx10x3dx3ex57x58x4fx4x3dx3ex71x4x27x70x67x2ax68x5ex3x5fx75x78x55x79
x49x42x43x51x3ax1dx54x69x63x60x29x4x71x2cxcxdx44x5bx51x45x4ex23x67x78x55x79x54x4dx70x69
x4bx13x14x24x4ex54x45x75xcxdx2x15x5dx3x46x27x48x62x57x52x73x5(K. French)x9x7dx10
CAPM x54x6x7x78x62x3ex0x1x48x24x42x43x20x21x27x27x23x34x6ax73x20x21x27x48x2exax24
x1ex4dx6ax73x20x21x27x54x74x64x2ax5cx78x62x3ex2ax36x48x0x1x6ex66x33x55x24x58x6ax73x42x6
x57x6ax73x8x4bx6x54x77x2ex1x20x54x1ex4dx2ax6cx78x62x3ex54x70x4cx5cx63x64x0x14x3dx3ex5b
x43x7fx9xax54x1ax63x48x51x6cx19x6fx7cx11x7dx3ex77xbx38x11x78x79x7ax62x3ex54xcxdx40x6f
x44x58xcxdx49x6bx6cx57x58x4fx54xex6dx48xfxfxcx4dx10x68x69x3dx3ex4fx54x31x4dx37x36x16
x6fx54x13x14x78
x55x79x54xcxdx2x3dx3ex4fx2cx4fx56x54xdx1x76x33x5axfx57x71x2cx54xcxdx78x5ex66
xdx5cx76x33x5axfx54xcxdx48x3ax3ex7x8x20x19x3x66x2ex7ex7fx42x43x54x70x71x57x58x72x73x69
7
x63xcxdx78x26x33x6dx3cx61xdx68x8x54x1ex37x62x4ax40x6fx62x69x24x58x6ax51x54x6cx9x65x64
xax5bx5dx69x63x71x72x44x73x25x10x7ex7fx42x43x2cx54x3dx3ex1ex37x1dx70x62x4ax78x25x18x54x7e
x7fx42x43x2x5dx2ex1x62x4ax8x5fx77x54x40x6fx1ex37(x33x69x6ax2cx68x3x38x54x1ex37x9)x25
x53x59x70x64x69x6ax1ex37x5bx23x24x60x54x1x10x3ex54x14x25x78x71x72x74x75x36x7ax2ex4dx2x25
x26x78x3x66x2ex7ex7fx2cx68x42x43x54x70x71x57x58x72x73x55x56x2x5cx6bx55(R. Radner)x66
1972x46x6cx79x2ax7dx54x48x62x10x18x49x10x3cx72x51x2ax10x54x38x3dx56x48x2cx68x61x72x73x54
x66x49x1dx78xfx2x1fx61x60x46x48x11xc(O. Hart)x12x8x70x2bx7ax45x48x70x68x49x70x71x74
x75x56x48x2ex7ex7fx2cx68x42x43x54x72x73x2ex70x62x66x49x78x25x70x5fx60x4bx53x57x58x4fx59x3exe
x13xfx14x78x70x18x191985x46x48x54x15(D. Duffie)x4x56x52x5b(W. Schafer)x5dx8x48
x10x66xdx24x4ex2ex68xfx54x2ex7ex7fx42x43x48x72x73x58x2x66x49x54x78x28x16x54x2x48x62x3ex10
x18x58x2cx68x61x48x2ex7ex7fx42x43x54xdx24x4ex2ex68xfx72x73x5bx2ex25x54x19xdx1ex17x15x6dx6e
x6fxfx78x25x26x54xcxdx31x32x54x57x58x4fx6ex7ax6x68x7dx3ex22x5ex78x54x15x4x56x52x5bx54x68
x4fx2cx68x58x53x68x4fx59x29x33x62x18x48x7bx1x62x3ex3bx19x45x31x4bx5cx5dx4a(Grassmann)
x59x40x44x54x2ex30x77x62x69x33x26x54x10x68x4fx59x27x70x5ax2x19x20x54xcxdx78x7ex13x54x29
x3x46x48x3ax42x25x70x5ex55x5fx3fx8x70x4cx5cx57x7ex7fx42x43x7bx10x7x54x74x64x74x26x54x7a
x7bx3dx3ex42x43x54x2ex7ex7fx42x43x70x71x72x73x69x63x78x49x25x69x4bx5ax51x1ax2ex23x67x54x70
x40x5b (M. Magill) x4x1bx1cx1d (M. Quinzii) x19x57x49x4cx4dx5fx1x25x70x74x60x1ex8
x1fx1fx54x78x20x22x52x78x25xbx68x69x57x58x4fx59x2ex1x2bx7dx10x7x59x5bx57x58x5ax54x21x1a
x43x23x25x2ex31x6ax5dx4x55x79x48xfx2x2ex7ex7fx42x43x70x71x57x58x72x73x2ex1x68x69x57x58
x4fx4x68x69x3dx3ex4fx54x7fx70x71x22x48xex74x7ax2x7x59x5bx57x58x4fx5ax54x23x7x31x78
21x4cx4dx54x19x27x24x28x42x6bx12x29x4x25x61x26x27x28x29x5fx3fx78x49x25xbx71x20x26
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[1] x63x33x2cx48x68x4fx57x57x58x48x34x35x52x36x8x9x6x48 1990x78
[2] x5ax5bx5cx5dx48x48x37x57x58x4fx75x7ax48x38x33x39x3ax48x45x2x3bxex3cx48 1989x78
[3] x6bx6cx6dx48x4ax6x69x63x48x3dx3ex3x3fx12x40x3ax48x41x42x57x58x4fx56x8x9x6x48 1989x78
[4] x6bx6cx6dx48x68x4fx5ex4cx40x26x54x57x58x69x63x48x63x33x2cx3ax48 x65x68x4fx4ex3fx6bx48 17x2a
3 (1988), 251–259.
[5] Miller, M. H., The history of finance, An eyewitness account, Journal of
Portfolio Management, Summer 1999, 95–101.
8
x38x31(2003x2b2x34)
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x65x48x58x43x57x4fx54x3dx3ex4fxcx2cx47x48x77x72x73x3x33x6dx3cx9x21x51x2fx43x54x7bx46x78x25
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xex21x69x78x10x3ex3bx22001x46x42002x46x7x59x5bx57x58x4fx5ax54x78x2bx74x60x78
2001x46x54x7x59x5bx57x58x4fx5ax4ax4bx60x6ex6bx56x57x58x4fx59x69x65x4cx5e(George
A. Akerlof, 1940x5e)x48x5dx4cx5e (A. Michael Spence, 1943x5e) x4x5dx4dx4bx3cx7
(Joseph E. Stiglitz, 1943x5e) x24x5ax4ex62x3ex10x37x51x2ex10xcx7cx6ax54x42x43x54x33
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x4bx6ax5dx4a(Stanford J. Grossman)x70x14x20x8x51x3x42x43x51x3ax1dx54xdGrossman-
Stiglitx67x63xfx2ax31x32x42x43x4ax4bx19x57x7ax7bx61x21x51x51x3x54x42x43x7cx6ax48x33x34x57
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2002x46x54x7x59x5bx57x58x4fx5ax4ax66x6bx56x64x24x51x5cx21x69x4fx59x6fx63x4a(Daniel
Kahneman, 1934x5e) x4x6bx56x57x58x4fx59x63x60x5d (Vernon L. Smith, 1927x5e)x48
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x4fx59xcx77x5bx5dx40(Amos Tversky, 1937x5e1996)x11x6ex0x1x2x4fx1x57x58x4fx54
9
x78x1fx7dx78x62x3ex78x7dx66 1979 x46x5fx60x54x63x64x19x41x1x65x6bx6cx57x58x4f (Econo-
metrica)x6bx51x63x24x27x11x0x2cx15x2ex54x57x4fx78x62x3excxdx54x5fx60x2x7dx3ex49x2ex3c
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x25x18xcx3fx75x20x70x56x48xcx65x73 (John H. Cochrane)x66 2001 x46x8x9x54
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10
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11
