Abstract
This paper develops a model to measure regional industrial diversification in a Markowitz portfolio context, using the notion of a regional efficiency frontier. It argues that a region can be considered to be optimally diversified when it is on this efficiency frontier. The extent to which a region's portfolio deviates from the efficiency frontier suggests a useful measure of diversification with normative aspects that are conspicuously absent from the more commonly used indices. In this context, regional diversification is then compared to various other measures using Canadian provincial employment data.
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