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  5. A Portfolio of Nobel Laureates: Markowitz, Miller and Sharpe

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

A Portfolio of Nobel Laureates: Markowitz, Miller and Sharpe

  • Hal Varian
Journal of Economic Perspectives
vol. 7, no. 1, Winter 1993
(pp. 159–169)
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Abstract

Three pioneers of quantitative finance have now been justly honored: Harry Markowitz, Merton Miller, and William Sharpe received the Nobel Prize in Economic Science in 1990. From today's perspective it is hard to understand what finance was like before portfolio theory. Here I attempt to provide a very brief history of the quantitative revolution in finance, drawing upon P. Bernstein's Capital Ideas (1992) and accounts of the three Nobel laureates.

Citation

Varian, Hal. 1993. "A Portfolio of Nobel Laureates: Markowitz, Miller and Sharpe." Journal of Economic Perspectives, 7 (1): 159–169. DOI: 10.1257/jep.7.1.159

JEL Classification

  • B31 History of Thought: Individuals
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