"Nobel Prize in Economics" Harry Markowitz Signed 3X5 Card COA For Sale

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"Nobel Prize in Economics" Harry Markowitz Signed 3X5 Card COA:
$149.99

Harry Max Markowitz(born August 24, 1927) is an American economist, and a recipient of the 1989John von Neumann Theory Prizeand the 1990Nobel Memorial Prize in Economic Sciences. Markowitz is a professor of finance at theRady School of Managementat theUniversity of California, San Diego(UCSD). He is best known for his pioneering work inmodern portfolio theory, studying the effects of probable investment portfolio returns. Harry Markowitz was born to aJewishfamily, the son of Morris and Mildred Markowitz.During high school, Markowitz developed an interest in physics and philosophy, in particular the ideas ofDavid Hume, an interest he continued to follow during his undergraduate years at theUniversity of Chicago. After receiving hisPh.B.in Liberal Arts,Markowitz decided to continue his studies at the University of Chicago, choosing to specialize in economics. There he had the opportunity to study under important economists, includingMilton Friedman,Tjalling Koopmans,Jacob MarschakandLeonard Savage. While still a student, he was invited to become a member of theCowles Commission for Research in Economics, which was in Chicago at the time. He completed his A.M. in Economics from the university in 1950.Markowitz chose to apply mathematics to the analysis of thestock marketas the topic for his dissertation. Jacob Marschak, who was the thesis advisor, encouraged him to pursue the topic, noting that it had also been a favorite interest ofAlfred Cowles, the founder of the Cowles Commission. While researching the then current understanding of stock prices, which at the time consisted in thepresent valuemodel ofJohn Burr Williams, Markowitz realized that the theory lacks an analysis of the impact of risk. This insight led to the development of his seminal theory ofportfolioallocation under uncertainty, published in 1952 bytheJournal of Finance.In 1952, Harry Markowitz went to work for theRAND Corporation, where he metGeorge Dantzig. With Dantzig's help, Markowitz continued to researchoptimizationtechniques, further developing thecritical line algorithmfor the identification of the optimal mean-variance portfolios, relying on what was later named theMarkowitz frontier. In 1954, he received a PhD in Economics from the University of Chicagowith a thesis on the portfolio theory. The topic was so novel that, while Markowitz was defending his dissertation, Milton Friedman argued his contribution was not economics.During 1955–1956 Markowitz spent a year at the Cowles Foundation,which had moved toYale University, at the invitation ofJames Tobin. He published the critical line algorithm in a 1956 paper and used this time at the foundation to write a book on portfolio allocation which was published in 1959.Markowitz won theNobel Memorial Prize in Economic Sciencesin 1990 while a professor of finance atBaruch Collegeof theCity University of New York. In the preceding year, he received the John von Neumann Theory Prize from theOperations Research Society of America(nowInstitute for Operations Research and the Management Sciences,INFORMS) for his contributions in the theory of three fields: portfolio theory; sparse matrix methods; and simulation language programming (SIMSCRIPT). Sparse matrix methods are now widely used to solve very large systems of simultaneous equations whose coefficients are mostly zero. SIMSCRIPT has been widely used to program computer simulations of manufacturing, transportation, and computer systems as well as war games. SIMSCRIPT (I) included theBuddy memory allocationmethod, which was also developed by Markowitz. He was elected to the 2002 class ofFellowsof theInstitute for Operations Research and the Management Sciences

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