Group Investing
提出一种扩展的期望效用框架，用于简化群体资产配置，通过加权组合效用函数并整合个人投资组合，减少群体成员间的潜在冲突，提供实用且严谨的战略资产配置方法。
Group investment decisions confront the challenge of meeting diverse needs. Existing practice seems to be mostly ad hoc. Even where model based, it may be too complex or idealistic to be implemented. This article proposes an extension to the expected utility framework for simplified group asset allocation. The authors’ approach combines utility functions using positive linear weights, accommodating variations in risk aversion, tax treatment, allocation frequency, funding risks, and nominal versus inflation-adjusted returns. By incorporating personal portfolios within a portfolio network to be optimized simultaneously with a pooled portfolio, potential conflicts among group members are further reduced. The procedure employs multiple matrixes to represent return probabilities as they affect the ability to safeguard goals as viewed by each individual. Behavioral finance’s goal-based investing is simplified using Rubinstein utility to seek growth while reducing the probability of failure to meet group member goals. For those able to produce financial plans with positive surplus, Rubinstein utility also supports more objectively appropriate risk aversions. The outcome is a practical and rigorous method for strategic group asset allocation.