Investment c& Investment decisions are intertemporal choices involvin g tradeoffs among costs and benefits occurring at different times, which not only affect one 's health, wealth, and happiness, but may also determine the economic prosperity of nations CR Fisher(1930): investment is not an end in itself but rather a process for distributing consumption over time cR Major concerns: return, risk, information acquisition, life cycle, liquidity constraint, risk preference, background risk, etc  Investment decisions are intertemporal choices involving tradeoffs among costs and benefits occurring at different times, which not only affect one's health, wealth, and happiness, but may also determine the economic prosperity of nations  Fisher (1930): investment is not an end in itself but rather a process for distributing consumption over time  Major concerns: return, risk, information acquisition, life￾cycle, liquidity constraint, risk preference, background risk, etc. Investment