{"id":206,"date":"2024-07-21T14:21:13","date_gmt":"2024-07-21T14:21:13","guid":{"rendered":"https:\/\/mostinsight.com\/?p=206"},"modified":"2024-07-21T14:28:06","modified_gmt":"2024-07-21T14:28:06","slug":"%ec%a0%9c%ec%9e%84%ec%8a%a4-%ed%86%a0%eb%b9%88-james-tobin%ec%99%80-%ed%8f%ac%ed%8a%b8%ed%8f%b4%eb%a6%ac%ec%98%a4-%ec%84%a0%ed%83%9d-%ec%9d%b4%eb%a1%a0-portfolio-selection-theory","status":"publish","type":"post","link":"https:\/\/mostinsight.com\/%ec%a0%9c%ec%9e%84%ec%8a%a4-%ed%86%a0%eb%b9%88-james-tobin%ec%99%80-%ed%8f%ac%ed%8a%b8%ed%8f%b4%eb%a6%ac%ec%98%a4-%ec%84%a0%ed%83%9d-%ec%9d%b4%eb%a1%a0-portfolio-selection-theory\/","title":{"rendered":"\uc81c\uc784\uc2a4 \ud1a0\ube48 (James Tobin)\uc640 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860 (Portfolio Selection Theory)"},"content":{"rendered":"<p><strong>\uc81c\uc784\uc2a4 \ud1a0\ube48<\/strong>(James Tobin)\uc740 \ud604\ub300 \uacbd\uc81c\ud559\uc5d0\uc11c \uc911\uc694\ud55c \uae30\uc5ec\ub97c \ud55c \uacbd\uc81c\ud559\uc790\ub85c, \ud2b9\ud788 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860(Portfolio Selection Theory)\uc73c\ub85c \uc798 \uc54c\ub824\uc838 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub294 1918\ub144\uc5d0 \ud0dc\uc5b4\ub098 2002\ub144\uc5d0 \uc138\uc0c1\uc744 \ub5a0\ub0ac\uc73c\uba70, \uadf8\uc758 \uc5f0\uad6c\ub294 \uae08\uc735 \uacbd\uc81c\ud559\uacfc \uac70\uc2dc \uacbd\uc81c\ud559 \ubd84\uc57c\uc5d0\uc11c \ud070 \uc601\ud5a5\uc744 \ubbf8\ucce4\uc2b5\ub2c8\ub2e4. \ud1a0\ube48\uc740 \uc608\uc77c\ub300\ud559\uad50\uc5d0\uc11c \uacbd\uc81c\ud559 \uad50\uc218\ub85c \uc7ac\uc9c1\ud558\uba70 \ub2e4\uc591\ud55c \uacbd\uc81c \uc774\ub860\uc744 \ubc1c\uc804\uc2dc\ucf30\uace0, \ud2b9\ud788 \ud22c\uc790\uc640 \uc790\uc0b0 \ubc30\ubd84\uc5d0 \ub300\ud55c \uc2ec\ub3c4 \uc788\ub294 \uc5f0\uad6c\ub85c \uc720\uba85\ud569\ub2c8\ub2e4.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-208 aligncenter\" src=\"https:\/\/mostinsight.com\/wp-content\/uploads\/2024\/07\/\uc81c\uc784\uc2a4\ud1a0\ube48-272x300.png\" alt=\"\uc81c\uc784\uc2a4\ud1a0\ube48\" width=\"272\" height=\"300\" srcset=\"https:\/\/mostinsight.com\/wp-content\/uploads\/2024\/07\/\uc81c\uc784\uc2a4\ud1a0\ube48-272x300.png 272w, https:\/\/mostinsight.com\/wp-content\/uploads\/2024\/07\/\uc81c\uc784\uc2a4\ud1a0\ube48.png 276w\" sizes=\"auto, (max-width: 272px) 100vw, 272px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_69_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >\ubaa9\ucc28<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mostinsight.com\/%ec%a0%9c%ec%9e%84%ec%8a%a4-%ed%86%a0%eb%b9%88-james-tobin%ec%99%80-%ed%8f%ac%ed%8a%b8%ed%8f%b4%eb%a6%ac%ec%98%a4-%ec%84%a0%ed%83%9d-%ec%9d%b4%eb%a1%a0-portfolio-selection-theory\/#%EC%A0%9C%EC%9E%84%EC%8A%A4_%ED%86%A0%EB%B9%88_%ED%99%9C%EB%8F%99_%EB%B0%8F_%EC%97%B0%EA%B5%AC\" title=\"\uc81c\uc784\uc2a4 \ud1a0\ube48 \ud65c\ub3d9 \ubc0f \uc5f0\uad6c\">\uc81c\uc784\uc2a4 \ud1a0\ube48 \ud65c\ub3d9 \ubc0f \uc5f0\uad6c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mostinsight.com\/%ec%a0%9c%ec%9e%84%ec%8a%a4-%ed%86%a0%eb%b9%88-james-tobin%ec%99%80-%ed%8f%ac%ed%8a%b8%ed%8f%b4%eb%a6%ac%ec%98%a4-%ec%84%a0%ed%83%9d-%ec%9d%b4%eb%a1%a0-portfolio-selection-theory\/#%ED%8F%AC%ED%8A%B8%ED%8F%B4%EB%A6%AC%EC%98%A4_%EC%84%A0%ED%83%9D_%EC%9D%B4%EB%A1%A0\" title=\"\ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860\">\ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mostinsight.com\/%ec%a0%9c%ec%9e%84%ec%8a%a4-%ed%86%a0%eb%b9%88-james-tobin%ec%99%80-%ed%8f%ac%ed%8a%b8%ed%8f%b4%eb%a6%ac%ec%98%a4-%ec%84%a0%ed%83%9d-%ec%9d%b4%eb%a1%a0-portfolio-selection-theory\/#%EB%A7%BA%EC%9D%8C%EB%A7%90\" title=\"\ub9fa\uc74c\ub9d0\">\ub9fa\uc74c\ub9d0<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%EC%A0%9C%EC%9E%84%EC%8A%A4_%ED%86%A0%EB%B9%88_%ED%99%9C%EB%8F%99_%EB%B0%8F_%EC%97%B0%EA%B5%AC\"><\/span>\uc81c\uc784\uc2a4 \ud1a0\ube48 \ud65c\ub3d9 \ubc0f \uc5f0\uad6c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\ud1a0\ube48\uc740 \ud22c\uc790 \uacb0\uc815\uc744 \uc704\ud55c \uc218\ud559\uc801 \ubaa8\ub378\uc744 \uac1c\ubc1c\ud558\uc5ec \uc704\ud5d8\uacfc \uc218\uc775\uc758 \uade0\ud615\uc744 \uc774\ud574\ud558\ub294 \ub370 \uae30\uc5ec\ud588\uc2b5\ub2c8\ub2e4. \uadf8\uc758 \uc5f0\uad6c\ub294 \ud22c\uc790\uc790\ub4e4\uc774 \uc5b4\ub5bb\uac8c \uc790\uc0b0\uc744 \ubd84\uc0b0 \ud22c\uc790\ud558\uc5ec \uc704\ud5d8\uc744 \ucd5c\uc18c\ud654\ud558\uba74\uc11c\ub3c4 \uc218\uc775\uc744 \uadf9\ub300\ud654\ud560 \uc218 \uc788\ub294\uc9c0\ub97c \uc124\uba85\ud558\ub294 \ub370 \uc911\uc810\uc744 \ub450\uc5c8\uc2b5\ub2c8\ub2e4. \uadf8\ub294 1958\ub144\uc5d0 \ubc1c\ud45c\ud55c \ub17c\ubb38 &#8220;Liquidity Preference as Behavior Towards Risk&#8221;\uc5d0\uc11c \uc790\uc0b0 \uc120\ud0dd\uc758 \uc774\ub860\uc801 \uae30\ucd08\ub97c \ub9c8\ub828\ud558\uc600\uc73c\uba70, \uc774 \ub17c\ubb38\uc740 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc774\ub860\uc758 \uae30\ucd08\ub97c \ub2e4\uc9c0\ub294 \ub370 \uc911\uc694\ud55c \uc5ed\ud560\uc744 \ud588\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uadf8\uc758 \uc8fc\uc694 \uc5c5\uc801 \uc911 \ud558\ub098\ub294 \ud1a0\ube48\uc758 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860\uc73c\ub85c, \uc774\ub294 \ud604\ub300 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc774\ub860(MPT)\uc758 \ubc1c\uc804\uc5d0 \uae30\uc5ec\ud588\uc2b5\ub2c8\ub2e4. \uadf8\ub294 \uc790\uc0b0\uc758 \uc218\uc775\ub960\uacfc \uc704\ud5d8 \uac04\uc758 \uad00\uacc4\ub97c \uc815\ub7c9\uc801\uc73c\ub85c \ubd84\uc11d\ud558\uc5ec \ud22c\uc790\uc790\ub4e4\uc774 \ub2e4\uc591\ud55c \uc790\uc0b0\uc5d0 \ubd84\uc0b0 \ud22c\uc790\ud560 \ub54c \uc5b4\ub5bb\uac8c \ucd5c\uc801\uc758 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \uad6c\uc131\ud560 \uc218 \uc788\ub294\uc9c0\ub97c \uc124\uba85\ud588\uc2b5\ub2c8\ub2e4. \ub610\ud55c, \uadf8\ub294 \uc790\uc0b0\uc758 \uc720\ub3d9\uc131 \uc120\ud638 \uc774\ub860\uc744 \ud1b5\ud574 \ud22c\uc790\uc790\ub4e4\uc774 \ub9ac\uc2a4\ud06c\ub97c \uac10\uc218\ud558\ub294 \ubc29\uc2dd\uc5d0 \ub300\ud574 \uc0c8\ub85c\uc6b4 \uad00\uc810\uc744 \uc81c\uc2dc\ud588\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\ud1a0\ube48\uc740 \uc5ec\ub7ec \uc800\uc11c\ub97c \ud1b5\ud574 \uc790\uc2e0\uc758 \uc774\ub860\uc744 \ubc1c\uc804\uc2dc\ucf30\uc73c\uba70, \uadf8\uc758 \ub300\ud45c\uc801\uc778 \uc800\uc11c\ub85c\ub294 &#8220;Essays in Economics&#8221;\uac00 \uc788\uc2b5\ub2c8\ub2e4. \uc774 \ucc45\uc740 \uadf8\uc758 \uc5f0\uad6c\uc640 \uc774\ub860\uc744 \uc885\ud569\ud558\uc5ec \uae08\uc735 \uc2dc\uc7a5\uacfc \uacbd\uc81c \uc774\ub860\uc5d0 \ub300\ud55c \uae4a\uc740 \ud1b5\ucc30\uc744 \uc81c\uacf5\ud569\ub2c8\ub2e4. \uadf8\ub294 \ub610\ud55c \ub178\ubca8 \uacbd\uc81c\ud559\uc0c1\uc744 \uc218\uc0c1\ud55c \ubc14 \uc788\uc73c\uba70, \uc774\ub294 \uadf8\uc758 \uc5f0\uad6c\uac00 \uacbd\uc81c\ud559\uc5d0 \ubbf8\uce5c \uc601\ud5a5\ub825\uc744 \ubc18\uc601\ud569\ub2c8\ub2e4.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%ED%8F%AC%ED%8A%B8%ED%8F%B4%EB%A6%AC%EC%98%A4_%EC%84%A0%ED%83%9D_%EC%9D%B4%EB%A1%A0\"><\/span>\ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860\uc740 \ud22c\uc790\uc790\uac00 \uc790\uc0b0\uc744 \uc120\ud0dd\ud558\uace0 \ubc30\ubd84\ud558\ub294 \uacfc\uc815\uc5d0\uc11c \uace0\ub824\ud574\uc57c \ud560 \ub2e4\uc591\ud55c \uc694\uc18c\ub97c \uc124\uba85\ud558\ub294 \uc774\ub860\uc785\ub2c8\ub2e4. \uc774 \uc774\ub860\uc740 \uae30\ubcf8\uc801\uc73c\ub85c \ub2e4\uc74c\uacfc \uac19\uc740 \ud575\uc2ec \uac1c\ub150\uc73c\ub85c \uad6c\uc131\ub429\ub2c8\ub2e4.<\/p>\n<p><strong>1. \uc704\ud5d8\uacfc \uc218\uc775\uc758 \uad00\uacc4<\/strong><br \/>\n\ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860\uc758 \ud575\uc2ec\uc740 \ud22c\uc790\uc790\uac00 \uc218\uc775\uc744 \uadf9\ub300\ud654\ud558\uae30 \uc704\ud574 \uc704\ud5d8\uc744 \uc5b4\ub5bb\uac8c \uad00\ub9ac\ud560 \uc218 \uc788\ub294\uc9c0\ub97c \uc774\ud574\ud558\ub294 \uac83\uc785\ub2c8\ub2e4. \uc77c\ubc18\uc801\uc73c\ub85c \ud22c\uc790\uc790\ub294 \ub354 \ub192\uc740 \uc218\uc775\uc744 \uae30\ub300\ud560\uc218\ub85d \ub354 \ub192\uc740 \uc704\ud5d8\uc744 \uac10\uc218\ud574\uc57c \ud558\uba70, \uc774 \ub450 \uc694\uc18c \uac04\uc758 \uade0\ud615\uc744 \ucc3e\ub294 \uac83\uc774 \uc911\uc694\ud569\ub2c8\ub2e4.<\/p>\n<p><strong>2. \uc790\uc0b0\uc758 \uc0c1\uad00\uad00\uacc4<\/strong><br \/>\n\uac01 \uc790\uc0b0\uc758 \uc218\uc775\ub960 \uac04\uc758 \uc0c1\uad00\uad00\uacc4\ub294 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc758 \uc804\ubc18\uc801\uc778 \uc704\ud5d8\uc744 \uacb0\uc815\ud558\ub294 \ub370 \uc911\uc694\ud55c \uc5ed\ud560\uc744 \ud569\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \ub450 \uc790\uc0b0\uc774 \ub0ae\uc740 \uc0c1\uad00\uad00\uacc4\ub97c \uac00\uc9c8 \uacbd\uc6b0, \uc774\ub4e4\uc744 \ud568\uaed8 \ubcf4\uc720\ud568\uc73c\ub85c\uc368 \uc704\ud5d8\uc744 \ud6a8\uacfc\uc801\uc73c\ub85c \ubd84\uc0b0\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ub2e4\uac01\ud654\uc758 \uc6d0\ub9ac\ub97c \ubc18\uc601\ud569\ub2c8\ub2e4.<\/p>\n<p><strong>3. \ud6a8\uc728\uc801 \ud504\ub860\ud2f0\uc5b4(Efficient Frontier)<\/strong><br \/>\n\ud1a0\ube48\uc740 \ud22c\uc790\uc790\ub4e4\uc774 \uc120\ud0dd\ud560 \uc218 \uc788\ub294 \ucd5c\uc801\uc758 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \uc2dc\uac01\ud654\ud558\uae30 \uc704\ud574 \ud6a8\uc728\uc801 \ud504\ub860\ud2f0\uc5b4 \uac1c\ub150\uc744 \ub3c4\uc785\ud588\uc2b5\ub2c8\ub2e4. \ud6a8\uc728\uc801 \ud504\ub860\ud2f0\uc5b4\ub294 \uc8fc\uc5b4\uc9c4 \uc704\ud5d8 \uc218\uc900\uc5d0\uc11c \ucd5c\ub300\uc758 \uc218\uc775\uc744 \uc81c\uacf5\ud558\ub294 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub4e4\ub85c \uad6c\uc131\ub41c \uace1\uc120\uc785\ub2c8\ub2e4. \ud22c\uc790\uc790\ub294 \uc790\uc2e0\uc758 \uc704\ud5d8 \uc120\ud638\ub3c4\uc5d0 \ub530\ub77c \uc774 \ud504\ub860\ud2f0\uc5b4\uc5d0\uc11c \uc801\uc808\ud55c \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \uc120\ud0dd\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p><strong>4. \uc704\ud5d8 \ud68c\ud53c \uc131\ud5a5<\/strong><br \/>\n\ud22c\uc790\uc790\ub9c8\ub2e4 \uc704\ud5d8\uc744 \uac10\uc218\ud558\ub294 \uc815\ub3c4\uac00 \ub2e4\ub974\uba70, \uc774\ub294 \uac1c\uc778\uc758 \ud22c\uc790 \uc131\ud5a5\uc5d0 \ub530\ub77c \ub2ec\ub77c\uc9d1\ub2c8\ub2e4. \ud1a0\ube48\uc740 \uc774\ub7ec\ud55c \uc704\ud5d8 \ud68c\ud53c \uc131\ud5a5\uc744 \ubc18\uc601\ud558\uc5ec \ub2e4\uc591\ud55c \ud22c\uc790\uc790\uc758 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd\uc744 \ubd84\uc11d\ud588\uc2b5\ub2c8\ub2e4. \uc704\ud5d8 \ud68c\ud53c\uc801\uc778 \ud22c\uc790\uc790\ub294 \ub354 \uc548\uc804\ud55c \uc790\uc0b0\uc5d0 \ube44\uc911\uc744 \ub450\uace0, \uc704\ud5d8\uc744 \uac10\uc218\ud558\ub294 \ud22c\uc790\uc790\ub294 \ub354 \ub192\uc740 \uc218\uc775\uc744 \ucd94\uad6c\ud558\ub294 \uc790\uc0b0\uc5d0 \ud22c\uc790\ud560 \uac00\ub2a5\uc131\uc774 \ub192\uc2b5\ub2c8\ub2e4.<\/p>\n<p><strong>5. \uc790\ubcf8 \uc2dc\uc7a5\uc120(Capital Market Line, CML)<\/strong><br \/>\n\ud1a0\ube48\uc740 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc774\ub860\uc744 \ubc1c\uc804\uc2dc\ud0a4\uba74\uc11c \uc790\ubcf8 \uc2dc\uc7a5\uc120 \uac1c\ub150\uc744 \ub3c4\uc785\ud588\uc2b5\ub2c8\ub2e4. CML\uc740 \ubb34\uc704\ud5d8 \uc790\uc0b0\uacfc \uc2dc\uc7a5 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uac04\uc758 \uad00\uacc4\ub97c \ub098\ud0c0\ub0b4\uba70, \uc8fc\uc5b4\uc9c4 \uc704\ud5d8 \uc218\uc900\uc5d0\uc11c \uae30\ub300 \uc218\uc775\ub960\uc744 \uacc4\uc0b0\ud558\ub294 \ub370 \uc0ac\uc6a9\ub429\ub2c8\ub2e4. CML \uc704\uc5d0 \uc704\uce58\ud55c \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub294 \ud6a8\uc728\uc801\uc774\uba70, \ud22c\uc790\uc790\ub294 \uc774 \uc120\uc744 \ub530\ub77c \uc790\uc0b0\uc744 \ubc30\ubd84\ud568\uc73c\ub85c\uc368 \ucd5c\uc801\uc758 \uacb0\uacfc\ub97c \uc5bb\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p><strong>6. \ud45c\uc900\ud3b8\ucc28\uc640 \uae30\ub300\uc218\uc775\ub960<\/strong><br \/>\n\ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860\uc5d0\uc11c\ub294 \uc790\uc0b0\uc758 \uc704\ud5d8\uc744 \ud45c\uc900\ud3b8\ucc28\ub85c \uce21\uc815\ud558\uace0, \uae30\ub300\uc218\uc775\ub960\uc744 \ud1b5\ud574 \ud22c\uc790 \uacb0\uc815\uc744 \ub0b4\ub9bd\ub2c8\ub2e4. \ud22c\uc790\uc790\ub294 \uc790\uc2e0\uc774 \uc120\ud0dd\ud55c \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc758 \uc218\uc775\ub960\uacfc \uc704\ud5d8\uc744 \ube44\uad50\ud558\uc5ec \ucd5c\uc801\uc758 \uc120\ud0dd\uc744 \ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub97c \ud1b5\ud574 \ud22c\uc790\uc790\ub294 \uc790\uc0b0 \ubc30\ubd84\uc744 \ud1b5\ud574 \uc704\ud5d8\uc744 \uad00\ub9ac\ud558\uba74\uc11c \uc218\uc775\uc744 \uadf9\ub300\ud654\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p><strong>7. \ud22c\uc790\uc790\uc758 \uc8fc\uad00\uc801 \uae30\ub300<\/strong><br \/>\n\ud1a0\ube48\uc758 \uc774\ub860\uc5d0\uc11c\ub294 \ud22c\uc790\uc790\uc758 \uc8fc\uad00\uc801\uc778 \uae30\ub300\uac00 \uc911\uc694\ud55c \uc5ed\ud560\uc744 \ud569\ub2c8\ub2e4. \uac01 \ud22c\uc790\uc790\ub294 \uc790\uc2e0\uc758 \uc815\ubcf4\uc640 \uacbd\ud5d8\uc744 \ubc14\ud0d5\uc73c\ub85c \uc790\uc0b0\uc758 \uc218\uc775\ub960\uacfc \uc704\ud5d8\uc5d0 \ub300\ud55c \uae30\ub300\ub97c \ud615\uc131\ud558\uba70, \uc774\ub294 \ucd5c\uc885 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce69\ub2c8\ub2e4.<\/p>\n<p><strong>8. \ub2e4\uc591\ud55c \uc790\uc0b0 \ud074\ub798\uc2a4<\/strong><br \/>\n\ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860\uc740 \uc8fc\uc2dd, \ucc44\uad8c, \ubd80\ub3d9\uc0b0 \ub4f1 \ub2e4\uc591\ud55c \uc790\uc0b0 \ud074\ub798\uc2a4\ub97c \ud3ec\ud568\ud569\ub2c8\ub2e4. \ud22c\uc790\uc790\ub294 \uac01 \uc790\uc0b0 \ud074\ub798\uc2a4\uc758 \ud2b9\uc131\uacfc \uc704\ud5d8\uc744 \uace0\ub824\ud558\uc5ec \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \uad6c\uc131\ud574\uc57c \ud558\uba70, \uc774 \uacfc\uc815\uc5d0\uc11c \uc790\uc0b0 \uac04\uc758 \uc0c1\uad00\uad00\uacc4\ub97c \ubd84\uc11d\ud558\ub294 \uac83\uc774 \uc911\uc694\ud569\ub2c8\ub2e4.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%EB%A7%BA%EC%9D%8C%EB%A7%90\"><\/span>\ub9fa\uc74c\ub9d0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\uc81c\uc784\uc2a4 \ud1a0\ube48\uc758 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860\uc740 \ud604\ub300 \uae08\uc735 \uacbd\uc81c\ud559\uc758 \uae30\ucd08\ub97c \uc774\ub8e8\ub294 \uc911\uc694\ud55c \uc774\ub860\uc73c\ub85c, \ud22c\uc790\uc790\ub4e4\uc774 \ud6a8\uacfc\uc801\uc73c\ub85c \uc790\uc0b0\uc744 \uad00\ub9ac\ud558\uace0 \uc704\ud5d8\uc744 \ucd5c\uc18c\ud654\ud558\uba74\uc11c \uc218\uc775\uc744 \uadf9\ub300\ud654\ud560 \uc218 \uc788\ub294 \ubc29\ubc95\uc744 \uc81c\uc2dc\ud569\ub2c8\ub2e4. \uadf8\uc758 \uc5f0\uad6c\ub294 \uae08\uc735 \uc2dc\uc7a5\uc5d0\uc11c\uc758 \ud22c\uc790 \uc804\ub7b5 \uac1c\ubc1c\uc5d0 \ud070 \uc601\ud5a5\uc744 \ubbf8\ucce4\uc73c\uba70, \uc624\ub298\ub0a0\uc5d0\ub3c4 \uc5ec\uc804\ud788 \ub9ce\uc740 \ud22c\uc790\uc790\uc640 \ud559\uc790\ub4e4\uc5d0\uac8c \ucc38\uace0\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc81c\uc784\uc2a4 \ud1a0\ube48\uc758 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860\uc740 \uc790\uc0b0 \ubc30\ubd84\uacfc \ud22c\uc790 \uacb0\uc815\uc744 \uc774\ud574\ud558\ub294 \ub370 \ud544\uc218\uc801\uc778 \ub3c4\uad6c\ub85c \uc790\ub9ac \uc7a1\uace0 \uc788\uc73c\uba70, \uadf8\uc758 \uae30\uc5ec\ub294 \uacbd\uc81c\ud559 \ubc0f \uae08\uc735 \ubd84\uc57c\uc5d0\uc11c \uc9c0\uc18d\uc801\uc778 \uc601\ud5a5\uc744 \ubbf8\uce58\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\uc81c\uc784\uc2a4 \ud1a0\ube48(James Tobin)\uc740 \ud604\ub300 \uacbd\uc81c\ud559\uc5d0\uc11c \uc911\uc694\ud55c \uae30\uc5ec\ub97c \ud55c \uacbd\uc81c\ud559\uc790\ub85c, \ud2b9\ud788 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860(Portfolio Selection Theory)\uc73c\ub85c \uc798 \uc54c\ub824\uc838 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub294 1918\ub144\uc5d0 \ud0dc\uc5b4\ub098 2002\ub144\uc5d0 \uc138\uc0c1\uc744 \ub5a0\ub0ac\uc73c\uba70, \uadf8\uc758 \uc5f0\uad6c\ub294 \uae08\uc735 \uacbd\uc81c\ud559\uacfc \uac70\uc2dc \uacbd\uc81c\ud559 \ubd84\uc57c\uc5d0\uc11c \ud070 \uc601\ud5a5\uc744 \ubbf8\ucce4\uc2b5\ub2c8\ub2e4. \ud1a0\ube48\uc740 \uc608\uc77c\ub300\ud559\uad50\uc5d0\uc11c \uacbd\uc81c\ud559 \uad50\uc218\ub85c \uc7ac\uc9c1\ud558\uba70 \ub2e4\uc591\ud55c \uacbd\uc81c \uc774\ub860\uc744 \ubc1c\uc804\uc2dc\ucf30\uace0, \ud2b9\ud788 \ud22c\uc790\uc640 \uc790\uc0b0 \ubc30\ubd84\uc5d0 \ub300\ud55c \uc2ec\ub3c4 \uc788\ub294 \uc5f0\uad6c\ub85c \uc720\uba85\ud569\ub2c8\ub2e4. \uc81c\uc784\uc2a4 \ud1a0\ube48 \ud65c\ub3d9 &#8230; <a title=\"\uc81c\uc784\uc2a4 \ud1a0\ube48 (James Tobin)\uc640 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860 (Portfolio Selection Theory)\" class=\"read-more\" href=\"https:\/\/mostinsight.com\/%ec%a0%9c%ec%9e%84%ec%8a%a4-%ed%86%a0%eb%b9%88-james-tobin%ec%99%80-%ed%8f%ac%ed%8a%b8%ed%8f%b4%eb%a6%ac%ec%98%a4-%ec%84%a0%ed%83%9d-%ec%9d%b4%eb%a1%a0-portfolio-selection-theory\/\" aria-label=\"Read more about \uc81c\uc784\uc2a4 \ud1a0\ube48 (James Tobin)\uc640 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc120\ud0dd \uc774\ub860 (Portfolio Selection Theory)\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[4],"tags":[52,65,73,74],"class_list":["post-206","post","type-post","status-publish","format-standard","hentry","category-theory","tag-52","tag-65","tag-73","tag-74"],"_links":{"self":[{"href":"https:\/\/mostinsight.com\/wp-json\/wp\/v2\/posts\/206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mostinsight.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostinsight.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostinsight.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mostinsight.com\/wp-json\/wp\/v2\/comments?post=206"}],"version-history":[{"count":5,"href":"https:\/\/mostinsight.com\/wp-json\/wp\/v2\/posts\/206\/revisions"}],"predecessor-version":[{"id":214,"href":"https:\/\/mostinsight.com\/wp-json\/wp\/v2\/posts\/206\/revisions\/214"}],"wp:attachment":[{"href":"https:\/\/mostinsight.com\/wp-json\/wp\/v2\/media?parent=206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostinsight.com\/wp-json\/wp\/v2\/categories?post=206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostinsight.com\/wp-json\/wp\/v2\/tags?post=206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}