risk neutral is used to discriping the individual values risk at a constant value. Risk neutral is in between risk aversion and risk seeking, and a risk neutral individual will accept exactly the same interest rate  for all assets.

The value that a risk-neutral individual assigns to a financial instrument is usually different from the expected value of the financial instrument based on market prices. Because real market prices will be affected by the price the market is wil pay for risk, actual market prices will changing from risk neutral prices and risk neutral probabilities will changing from actual probabilites.

the risk-neutral probabilities  is for refering to probabilities which when use in weighting a expected-value calculation will reproduce the market value of financial instruments. In general, risk-neutral probabilities differ from real-world probabilities because the market does not assign value in the same way that a risk-neutral individual would.

[此贴子已经被作者于2007-11-4 0:03:34编辑过]

斑竹啊 这句话不是很明白

a risk neutral individual will accept exactly the same interest rate  for all assets.

是说投资者希望他投资的每个asset都有一样的收益率吗？

A资产，风险两端：+20， -20，期待0。

B资产，风险两端：+10，-10,期待0。

如果你认为这两个资产投资上的价值一样，你就是risk neutral。

[此贴子已经被作者于2007-11-6 16:38:44编辑过]