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Episode 260: Prof. James Choi: Practical Finance

The Rational Reminder Podcast

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How to Apply Economic Theory to Your Own Asset Allocation Decisions Without Needing to Solve a Complex Dynamic Programming Problem

Will Marshall: How can households apply economic theory to their own asset allocation decisions without needing to solve a complex dynamic programming problem? He says two Yale PhD students are trying to come up with good approximations to these numerical solutions that can be calculated in Excel. Marshall: Can we find a way to figure out the solutions to these complex models without requiring people to write their own Fortran code? "I don't talk to a single economist, and that's a little bit of an obvi of mine"

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