Abstract

Portfolio selection has been originally proposed by H.M. Markowitz 1952. The Markowitzís approcach to the portfolio selection has some di¢ culties. For example, an aspiration level given by decision makers arenít taken into consideration in the Markowitz approach. In this paper, Watadaís Fuzzy Portfolio Selection Model Based on Decision Makerís Aspiration Level is presented basically. A numerical example of the Watadaís Portfolio Selection Problem is given as the application. Data is taken as the closing prices of eight securities that cycling in Istanbul Stock Exchange (IMKB) between the · dates of 01.06.2009-01.06.2010. Finally, it can be said that,the aspiration levels have been provided with a high membership degree so we can say that the successfull portfolio has been formed. During the study, Excel, Minitab and Lingo software programmes were used.

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