The Asset Pricing and Portfolio Choice Simulator
William F. Sharpe
STANCO 25 Professor of Finance, Emeritus, Stanford University
The APSIM program is described and
utilized extensively in the author's book Investors and Markets: Portfolio Choices,
Asset Prices and Investment Advice, Princeton University Press,
APSIM requires Microsoft's Excel and a windows operating system. You
are free to use the APSIM program or to redistribute under the terms of
the above license.
- Create a directory on your C drive named c:\apsim; this is
- Right click here
to download the apsim program; save it in your c:\apsim directory. Do
not run it directly. It should only be executed by pressing the button
in a case file (see 5 below).
- Right click here
to download the excel workbook for case1; save it in any desired
- Open case1.xls in excel; if necessary, from the excel menu
select Tools/Macro/Security and set the security level to either low or
medium (this will apply until reset). If requested, enable macros.
- Press the button labelled "Process" at the top of the worksheet
named Case; the simulator should process the data and place the results
in the Case1 workbook..
- Select "Save as" from the excel menu, then save the workbook
under a new name. You can then use the new workbook to create a
case of your own,
- You can create a new Apsim workbook at any time by saving an old
APSIM workbook under a new name.
To Learn about APSIM:
- Click here
to read the APSIM documentation, or
- Right click here to download the APSIM
To Download one or more of the
cases used in Investors and Markets:
Portfolio Choices, Asset Prices and Investment Advice:
- If your browser is set up to automatically load excel workbooks,
click the number of the desired case below. You can then use the
excel "Save As" menu to save it on your own computer.
- If your browser is not set up to automatically load excel
workbooks, right click the number of the desired case below to save the
workbook on your computer.
3. To download a .zip file containing
all 23 cases, click here.
To Download the APSIM source code:
to download a .zip file containg the source code and a readme.txt file.
To send email concerning APSIM:
Include the word APSIM in the subject
line and send to: