Jan Mossin (1917 – 2004) was a Norwegian economist renowned for his contributions to financial economics, particularly in the development of the capital asset pricing model (CAPM). He held academic positions at the University of Oslo and the Norwegian School of Economics, where he taught and conducted research in macroeconomics, finance, and econometrics.
Early life and education
Mossin was born in 1917 in Norway. He earned his doctorate (Ph.D.) in economics, focusing on theoretical and applied aspects of finance.
Academic career
After completing his doctoral studies, Mossin joined the faculty at the University of Oslo, later moving to the Norwegian School of Economics. He served as a professor of economics and supervised graduate research in finance and related fields.
Contributions to finance
Mossin’s most influential work is his 1966 paper “Equilibrium in a Capital Asset Market,” published in Econometrica. In this article, he independently derived a version of the CAPM contemporaneously with William Sharpe, John Lintner, and Jack Treynor. Mossin’s formulation examined the relationship between expected returns and systematic risk (beta) in a competitive equilibrium setting, laying groundwork for modern asset pricing theory.
In addition to the CAPM, Mossin contributed to:
- Portfolio theory and the efficient frontier concept.
- The analysis of optimal investment strategies under uncertainty.
- Econometric methods applied to financial data.
Later work and legacy
Mossin continued to publish on topics such as exchange rate dynamics, monetary policy, and macroeconomic stability. His research influenced both academic scholarship and practical approaches to investment management. He is frequently cited in textbooks and scholarly articles dealing with asset pricing and financial economics.
Selected publications
- Mossin, J. (1966). “Equilibrium in a Capital Asset Market,” Econometrica, 34(3), 573‑588.
- Mossin, J. (1972). “The Theory of Optimal Investment,” Journal of Financial Economics, 1(1), 45‑61.
Jan Mossin’s work remains a foundational element of modern financial economics, and his contributions are recognized in the historical development of the CAPM and related theories.
