Abstract
The asset allocation decision is arguably the most important decision in the investment process. It involves allocating an investor9s portfolio among a set of desirable asset classes, but the investor must first define the asset classes to consider. The concept of investment-consumption value may help investors decide on including non-traditional asset classes such as hedge funds or commodities. The decision framework is grounded in the financial economics of the consumption CAPM and state/preference models. From this perspective, commodities are one example to consider as an investable asset class. <b>TOPICS:</b>Portfolio construction, exchanges/markets/clearinghouses, financial crises and financial market history
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