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Maslowian portfolio theory (MaPT) creates a normative portfolio theory based on human needs as described by Abraham Maslow.〔MASLOW, A. H. (1943): “A Theory of Human Motivation,” Psychological Review, 50, 370–396.〕 It is in general agreement with behavioral portfolio theory, and is explained in ''Maslowian Portfolio Theory: An alternative formulation of the Behavioural Portfolio Theory'',〔DE BROUWER, Ph. (2009): “Maslowian Portfolio Theory: An alternative formulation of the Behavioural Portfolio Theory”, Journal of Asset Management, 9 (6), pp. 359–365.〕 and was first observed in ''Behavioural Finance and Decision Making in Financial Markets''.〔DE BROUWER, P. (2006): “Behavioural Finance and Decision Making in Financial Markets,” in Financial Markets, Principles of Modeling Forecasting and Decision-Making, ed. by W. Milo, and P. Wdowinski, pp. 24–44, Ł´od´z, Poland. Ł´od´z University Press.〕 Maslowian portfolio theory is quite simple in its approach. It states that financial investments should follow human needs in the first place. All the rest is logic deduction. For each need level in Maslow's hierarchy of needs, some investment goals can be identified, and those are the constituents of the overall portfolio. ==Comparison with behavioral portfolio theory== Behavioral portfolio theory (BPT) as introduced by Statman and Sheffrin in 2001,〔SHEFRIN, H., AND M. STATMAN (2000): “Behavioral Portfolio Theory,” Journal of Financial and Quantitative Analysis, 35(2), 127–151.〕 is characterized by a portfolio that is fragmented. Unlike the rational theories, such as Modern Portfolio Theory (Markowitz〔MARKOWITZ, H. A. (1952): “Portfolio Selection,” Journal of Finance, 6, 77–91.〕), where investors put all their assets in one portfolio, here investors have different portfolios for different goals. BPT starts from framing and hence concludes that portfolios are fragmented, and built up as layers. This indeed seems to be how humans construct portfolios. MaPT starts from the human needs as described by Maslow and uses these needs levels to create a portfolio theory. The predicted portfolios in both BPT and MaPT are very similar: * In BPT: safety layer, corresponds to the physiological and safety needs in MaPT * Specific layer in BPT are the love needs and the esteem needs in MaPT * Shot at richness in BPT is the self-actualization level in MaPT One will notice that the main differences between MaPT and BPT are that: * MaPT is derived from human needs, so it is to some extent a normative theory. BPT is strictly a descriptive theory. * MaPT generates from the start more levels and more specific language to interact with the investor; however, theoretically BPT allows for the same portfolios. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Maslowian portfolio theory」の詳細全文を読む スポンサード リンク
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