Harry Markowitz

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Definition of 'Harry Markowitz'

Harry Markowitz is an American economist and Nobel laureate in economics. He is best known for his work on portfolio theory and modern portfolio theory.

Markowitz was born in Chicago, Illinois, in 1927. He attended the University of Chicago, where he earned a bachelor's degree in economics in 1947. He then went on to earn a master's degree in economics from the University of Chicago in 1949 and a doctorate in economics from the University of Chicago in 1954.

After graduating from graduate school, Markowitz worked as a research associate at the Cowles Foundation for Research in Economics at Yale University from 1954 to 1959. In 1959, he joined the faculty of the University of California, Berkeley, where he taught until his retirement in 1990.

Markowitz's most important contribution to economics was his development of portfolio theory. Portfolio theory is a mathematical model that helps investors to choose the optimal mix of assets for their portfolios. Markowitz's model takes into account the risk and return of each asset in a portfolio, and it helps investors to find the portfolio that offers the highest expected return for a given level of risk.

Markowitz's work on portfolio theory has had a profound impact on the field of finance. His model is now used by investors all over the world to make investment decisions. Markowitz's work has also been recognized by the Nobel Prize Committee, which awarded him the Nobel Prize in Economics in 1990.

In addition to his work on portfolio theory, Markowitz has also made contributions to other areas of economics, including game theory and decision theory. He is a prolific writer, and he has published over 100 articles in academic journals. He has also written several books, including "Portfolio Selection" (1959) and "Mean-Variance Analysis in Portfolio Choice and Capital Markets" (1959).

Harry Markowitz is a highly respected economist and a pioneer in the field of finance. His work on portfolio theory has had a profound impact on the way that investors make investment decisions. He is a deserving recipient of the Nobel Prize in Economics.

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