REPLY.

The model presented by Bierwag and Grove appears to be extremely promising. With the modification shown here (and perhaps a few more) their approach should move us very close indeed to the general model we all want so badly. One need only consider the economic content in the solution equations of the present version to be convinced that Bierwag and Grove are well on the way to a full development of the implications of the Markowitz model of investor behavior. We will all look forward to their future work. [ABSTRACT FROM AUTHOR]