All Roads Lead to Risk Preference: A Turnpike Theorem for Conditionally Independent Returns

Kevin F. McCardle · Robert L. Winkler

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Decision-Making and Behavioral Economics Financial Markets and Investment Strategies Risk and Portfolio Optimization

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Kevin F. McCardle, Robert L. Winkler, All Roads Lead to Risk Preference: A Turnpike Theorem for Conditionally Independent Returns, The Journal of Financial and Quantitative Analysis, Vol. 24, No. 1 (Mar., 1989), pp. 13-28

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1975LIFETIME PORTFOLIO SELECTION BY DYNAMIC STOCHASTIC PROGRAMMING 1968Optimal Multiperiod Portfolio Policies 1963Risk and uncertainty: a fallacy of large numbers 1987Proper Risk Aversion 1974Fallacy of the log-normal approximation to optimal portfolio decision-making over many periods 1975Mathematical Methods in Investment and Finance 1971On Optimal Myopic Portfolio Policies, with and Without Serial Correlation of Yields 1974Convergence to isoelastic utility and policy in multiperiod portfolio choice

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