“…However, recent studies suggest that in many situations a more complex decision model may be at work (Abdelaziz et al, 2007;Ballestero et al, 2012;Bollen, 2007;Dorfleitner & Utz, 2012;Hallerbach et al, 2004;Steuer et al, 2007;. Toward that end, in Hirschberger et al (2013), a methodology is developed for extending the portfolio selection model of Markowitz to include a third criterion.…”