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<p>reflect a preference for higher rather than lower returns, this objective function is <a href="page.php?w=first_derivative">increasing</a> in wealth, and to reflect risk aversion it is <a href="page.php?w=concave_function">concave</a>. For realistic utility functions in the presence of many assets that can be held, this approach, while theoretically the most defensible, can be computationally intensive.</p>

<p><a href="page.php?w=Harry_Markowitz">Harry Markowitz</a> developed the "critical line method", a general procedure for <a href="page.php?w=quadratic_programming">quadratic programming</a></p><p>
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