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Abstract
This paper provides a general method for evaluating portfolio adjustments under uncertainty where portfolio choices are restricted to the Markowitz Tobin mean-variance (EV) efficient set. A theoretical model is constructed from which theorem~ and corollaries are deduced relating equilibrium adjustments to the investor's risk aversion coefficient. Furthermore we show that portfolio adjustments from an initial solution on an EV set can be conveniently separated into income and substitution effects.