A Taxonomy of Utility Functions

  • Benjamin J. Gillen
  • Harry M. Markowitz


Modern financial theory began with the publication of two articles in 1952: Markowitz (1952a) and Roy (1952). The principal difference between the Roy article and the Markowitz article is that Roy recommended a specific portfolio from the mean-variance frontier, namely, the one which maximizes


Utility Function Inflection Point Lottery Ticket Wealth Level Behavioral Finance 
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Copyright information

© Martindale Center for the Study of Private Enterprise, Lehigh University 2008

Authors and Affiliations

  • Benjamin J. Gillen
    • 1
  • Harry M. Markowitz
    • 2
  1. 1.University of CaliforniaSan DiegoUSA
  2. 2.Harry Markowitz CompanySan DiegoUSA

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