Mark Rubinstein 
A History of the Theory of Investments 
My Annotated Bibliography

‘This exceptional book provides valuable insights into the
evolution of financial economics from the perspective of a major
player.’

— Robert Litzenberger, Hopkinson Professor Emeritus of Investment
Banking, Univ. of Pennsylvania; and retired partner, Goldman Sachs

A History of the Theory of Investments is about ideas —
where they come from, how they evolve, and why they are
instrumental in preparing the future for new ideas. Author Mark
Rubinstein writes history by rewriting history. In unearthing
long-forgotten books and journals, he corrects past oversights to
assign credit where credit is due and assembles a remarkable
history that is unquestionable in its accuracy and unprecedented in
its power.

Exploring key turning points in the development of investment
theory, through the critical prism of award-winning investment
theory and asset pricing expert Mark Rubinstein, this
groundbreaking resource follows the chronological development of
investment theory over centuries, exploring the inner workings of
great theoretical breakthroughs while pointing out contributions
made by often unsung contributors to some of investment’s most
influential ideas and models.

Table of Content

Preface ix

THE ANCIENT PERIOD: Pre-1950 1

THE CLASSICAL PERIOD: 1950-1980 99

THE MODERN PERIOD: Post-1980 309

Notes 349

Index of Ideas 359

Index of Sources 365

About the author

MARK RUBINSTEIN is the Paul Stephens Professor of Applied Investment Analysis at the Haas School of Business at the University of California, Berkeley. He is best known for his work on derivatives and asset pricing. Rubinstein is also the author or coauthor of numerous books, including Options Markets, Derivatives: A Power Plus Picture Book, and Rubinstein on Derivatives, and has won numerous prizes and awards for his research and writing on derivatives. He is a graduate of Harvard University, Stanford University, and the University of California at Los Angeles.