Figure 4
The diagram shows eight connected boxes. The boxes in the top row are labeled “Mean-Variance” and “C A P M.” A right arrow labeled “extends” points from “Mean-Variance” to “C A P M.” Individual downward arrows from both the top boxes point to a box below labeled “Black-Litterman.” Below this box, four boxes are arranged in two rows and two columns. The top left box is labeled “Stochastic,” and the top right box is labeled “Probability and scenarios.” The term “incorporate” is shown between these boxes. The bottom left box is labeled “C Va R” and the bottom right box is labeled “Prospect Theory.” The term “integrate” is shown between these boxes. Both “C Va R” and “Prospect Theory” have downward arrows pointing to the bottom box labeled “Behavioral”.Asset allocation models–conceptual map. Source: Authors' own work