Fallacy of the Log-Normal Approximation to Optimal Portfolio Decision-Making Over Many Periods

Whilst the greatest effort has been made to ensure the quality of this text, due to the historical nature of this content, in some rare cases there may be minor issues with legibility. Thanks to the revival by von Neumann and Morgenstern, maximization of the expected value of a concave utility function of outcomes has for the last third of a century generally been accepted as the "correct" criteri...