“Markowitz's main interest is prescription of rules of rational behaviour for investors;”

— James Tobin

Tobin, James. " Liquidity preference as behavior towards risk http://web.uconn.edu/ahking/Tobin58.pdf." The review of economic studies (1958): 65-86. <br class="br">1950s-60s <br class="br">Context: A forthcoming book by Harry Markowitz, Techniques of Portfolio Selection, will treat the general problem of finding dominant sets and computing the corresponding opportunity locus, for sets of securities all of which involve risk. Markowitz's main interest is prescription of rules of rational behaviour for investors; the main concern of this paper is the implications for economic theory, mainly comparative statics, that can be derived from assuming that investors do in fact follow such rules.

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American economist 1918–2002

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