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has been cited by the following article:

• TITLE: Application of Markowitz Model to Mongolian Government Budget

  AUTHORS: Ch. Ankhbayar, B. Lkhagvajav, N. Tungalag, R. Enkhbat

  KEYWORDS: Markowitz Model

  JOURNAL NAME: iBusiness, Vol.11 No.3, September 19, 2019

  ABSTRACT: We apply Markowitz portfolio theory to Mongolian economy in order to define optimal budget structure. We assume that the government revenue is a portfolio consisting of seven major taxes and non-tax revenues. We minimize the variance of the portfolio under fixed return of the government revenue. This optimization problem has been solved by the conditional gradient method on MATLAB. Computational results based on Mongolian economic data are provided.