Mark Rubinstein

While mainstream financial theories and applications assume that asset returns are normally distributed and individual preferences are quadratic, the overwhelming empirical evidence shows otherwise. Indeed, most of the asset returns exhibit “fat-tail…

"This exceptional book provides valuable insights into the evolution of financial economics from the perspective of a major player." – Robert Litzenberger, Hopkinson Professor Emeritus of Investment Banking, Univ. of Pennsylvania; and retired partner…

"This exceptional book provides valuable insights into the evolution of financial economics from the perspective of a major player." – Robert Litzenberger, Hopkinson Professor Emeritus of Investment Banking, Univ. of Pennsylvania; and retired partner…