How Sub-Optimal—If at All—Is Goal-Based Asset Allocation?

@inproceedings{Brunel2006HowSA,
  title={How Sub-Optimal—If at All—Is Goal-Based Asset Allocation?},
  author={Jean Louis Brunel},
  year={2006}
}
Following the success enjoyed by goal-based allocation over the last several years, the author investigates what the focus away from traditional finance and toward behavioral finance may be costing, if anything, in terms of traditional investment efficiency. The author starts with a review of the modern portfolio theory framework and offers a hypothesis as to how the demonstrated inability of individuals to stick to a single optimal portfolio might be interpreted. He then goes on to review the… 
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