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\textit{The Journal of} FINANCE
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\textsc{Vol}. XIX&\textsc{September} 1964&No. 3
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CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK\footnotemark\\
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\textsc{William F. Sharpe}\footnotemark
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\footnotetext{A great many people provided comments on early versionns of this paper which led to major improvements in the exposition. In additionn to the referees, who were most helpful, the author wishes to express his appreciation to Dr. Harry Markowitz of the RAND Corporation, Professior Jack Hirshleifer of the University of California at Los Angeles, and to Professors Yoram Barzel, George Brabb, Bruce Johnson, Walter Oi annd R. Haney Scott of the University of Washington.}
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\footnotetext{Associate Professor of Operations Research, University of Washington}
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\section{Introduction}
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\textsc{One of the problems} which has plagued those attempting to predict the behaviour of capital markets is the absence of a body of positive micro-economic theory dealing with conditions of risk. Although many useful insights can be obtained from the traditional models of investment under conditions of certainty, the pervasive influence of risk inn financial transactions has forced those workinng in this area to adbot models of price behaviour which are little more than assertions. A typical classroom explanation of determination of capital asset prices, for example, usually begins with a careful and relatively rigorous escription of the process through which individual preferences and physical relationships interact to determine an equilibrium pure interest rate. This is generally followed by the assertion that somehow a market risk-premium is also determinned, with the prices of assets adjusting accordingly to accounnt for differences in their risk.\par
A useful representation of the view of the capital market implied in such discussions is illustrated inn Figure 1. In equilibrium, captical asset prices have adjusted so that the investory, if he follows rationa procedures (primarily diversification) is able to attain any desired point along a \textit{capital market line}.\footnote{Although some discussions are also consistent with a nnon-linear (but monotonnic) curve.} He may obtain a higher expected rate of return onn his holdings only by incurrinng additional risk. In effect, the market presents him with two prices: the \textit{price of time}, or the pure interest rate (shown by the intersection of the linen with the horizontal axis) and the \textit{price of risk}, the additional expected return per unit of risk borne (the reciprocal of the slope of the line).
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