Abstract
AbstractIrving Fisher has been recognized as one of the most prominent economists in the US in the first half of the 20th century. His contribution to financial economics has not been well recognized, however. This article describes Fisher's pioneering efforts to apply statistical methods to the analysis of investment risk. In addition, it will argue that Fisher's statistical analysis of risk had a Bayesian philosophy of probability theory. Finally, the highs and lows of Fisher's investment strategy for the 1920s and 1930s will be discussed.
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