Markowitz, Harry Max
Markowitz, Harry Max(mär`kəwĭts'), 1927–, American economist, Ph.D. Univ. of Chicago, 1954. In the 1950s he developed a theory of "portfolio choice," which allows investors to analyze risk as well as their expected return, and he has subsequently continued his work on portfolio theory and optimizing investment returns. For his work on portfolio choice Markowitz shared the 1990 Nobel Memorial Prize in Economic Sciences with William SharpeSharpe, William Forsyth,
1934–, American economist, b. Boston, Mass., Ph.D. Univ. of California, Los Angeles, 1961. After working at the Rand Corporation, he taught at the Univ. of Washington (1961–68) and Univ.
..... Click the link for more information. and Merton MillerMiller, Merton H.,
1923–2000, American economist, grad. Harvard, 1943, Ph.D. Johns Hopkins, 1952. A professor at Carnegie-Mellon Univ. (1953–61) and the Univ.
..... Click the link for more information. ; the pioneering work of the three led to the development of financial economics. Markowitz, who has alternated between working in the private sector and academia, has taught at several universities including Baruch College, City Univ. of New York (1982–93, subsequently emeritus) and the Rady School of Management, Univ. of California San Diego (2007–), and was director of research (1990–2000) at Daiwa Securities Trust Company; he also has worked as a consultant since the 1980s.
The Columbia Electronic Encyclopedia™ Copyright © 2013, Columbia University Press. Licensed from Columbia University Press. All rights reserved. www.cc.columbia.edu/cu/cup/
Markowitz, Harry Max(1927– ) economist; born in Chicago. He worked in the private sector (International Business Machines, 1974–83) as well as academia, settling at Rutgers University as the Marvin Speiser Distinguished Professor of Economics and Finance (1982). His principal interest was in the theory of rational behavior in relation to portfolio and investment analysis and planning. He designed and developed several computer programming languages including SIMSCRIPT and EAS-E.
The Cambridge Dictionary of American Biography, by John S. Bowman. Copyright © Cambridge University Press 1995. Reproduced with permission.