Some Discussions on Telser''''s Safety-First Model for Portfolio Selection
对投资组合选择的Telser安全-首要模型的一些讨论

Telser's Safety-First Model (TSF Model) is a representative of Safety-First Model, which is one of the three kinds of most popular models in portfolio selection of modern finance. This paper tries to use the intuitive method to solve TSF Model in three cases: general case, with risk-free asset case, and with exogenous liability case, respectively. And this paper also details the existence conditions to the feasible solutions and the optimal solutions. We also provide some problems that deserve to be studied further.