Examining fuzzy tactical asset allocation (FTAA) as an alternative to modern portfolio theory (MPT) asset allocation for international and direct real estate investment

摘要

Purpose – Although the modern portfolio theory (MPT) asset allocation framework can be adopted to enable decision making for international and direct real estate investing, and that many institutional investors adopt it to support their decision making, this framework can be enhanced to capture the multi‐causal factors influencing international and direct real estate investing. The purpose of this paper is to explain how a fuzzy decision‐making approach is a more intuitive, yet rigorous alternative in this regard.