<p><font size="4">今天读张一弛的宏观经济分析P321页遇到了下面的描述：</font></p><p><font size="4"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">每个人的风险态度是不同的，这可以由每个人的在预期收益—风险空间上的无差异曲线的形状来描述。资产所有者的效用函数中包括预期收益率和风险。预期收益率越高，效用水平越高；预期收益率越低，效用水平越低。风险对效用水平的影响由于各个人对风险的态度不同而不同。人们对于风险的态度可以分为三种，即风险回避者，风险</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-family: Arial;">中立者和风险爱好者。对于风险回避者，风险越大，效用水平越小；风险越小；效用水平越大。所以，风险回避者的效用无差异曲线的斜率为正值，如图</span><span lang="EN-US" style="FONT-FAMILY: Arial;">10-9</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: "Times New Roman"; mso-bidi-font-family: Arial;">所示。</span><span lang="EN-US" style="FONT-FAMILY: Arial; mso-hansi-font-family: "Times New Roman";"><p></p></span></font></p><p></p><p></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; LINE-HEIGHT: 125%; mso-char-indent-count: 2.0;"><font size="4"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: "Times New Roman"; mso-bidi-font-family: Arial;"></span></font></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; LINE-HEIGHT: 125%; mso-char-indent-count: 2.0;"><font size="4"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: "Times New Roman"; mso-bidi-font-family: Arial;">对于风险中立者，效用水平和风险程度完全无关。所以，</span></font><font size="4"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: "Times New Roman"; mso-bidi-font-family: Arial;">风险中立者的效用无差异曲线的斜率为零。</span></font><font size="4"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: "Times New Roman"; mso-bidi-font-family: Arial;">如图</span><span lang="EN-US" style="FONT-FAMILY: Arial; mso-hansi-font-family: "Times New Roman";">10-10</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: "Times New Roman"; mso-bidi-font-family: Arial;">所示。</span></font></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; LINE-HEIGHT: 125%; mso-char-indent-count: 2.0;"><font size="4"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: "Times New Roman"; mso-bidi-font-family: Arial;"></span></font></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; LINE-HEIGHT: 125%; mso-char-indent-count: 2.0;"><font size="4"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: "Times New Roman"; mso-bidi-font-family: Arial;"></span></font></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; LINE-HEIGHT: 125%; mso-char-indent-count: 2.0;"><font size="4"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: "Times New Roman"; mso-bidi-font-family: Arial;">对于风险爱好者，在预期收益率既定的情况下，风险越大，其效用水平越高。所以风险爱好者的效用无差异曲线的斜率为负值。如图</span><span lang="EN-US" style="FONT-FAMILY: Arial; mso-hansi-font-family: "Times New Roman";">10-11</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: "Times New Roman"; mso-bidi-font-family: Arial;">所示。</span><span lang="EN-US" style="FONT-FAMILY: Arial; mso-hansi-font-family: "Times New Roman";"><p></p></span></font></p><p></p><p></p><p><font size="4"></font></p><p><font size="4">      关于风险中立者的描述正确吗？</font></p>

[此贴子已经被作者于2008-3-7 10:45:48编辑过]