"The central question for positive financial economics is valuation – what is the value today of a set of future prospective cash flows? The central question for normative financial economics is the appropriate use of financial instruments in a world in which values are set wholly or partially in accord with the principles of positive financial economics."
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Nobel laureates from the United StatesEconomists from the United StatesNobel laureates in EconomicsPeople from BostonStanford University faculty
Original Language: English
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Sources
William Sharpe’s February 1992 lecture at Trinity University: in: William Breit, Barry T. Hirsch (2009). Lives of the Laureates: Twenty-three Nobel Economists. p. 172
https://en.wikiquote.org/wiki/William_F._Sharpe
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William F. Sharpe
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