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单词 risk-averse
释义 risk-averse

Preferring safer returns, even if they are on average smaller. An individual with decreasing function marginal utility of total wealth will get less utility from a prospect with uncertain returns than from a safe project with the same mean expected returns. Such an individual will refuse actuarially fair gambles, and is risk-averse. Risk-aversion is sometimes characterized by saying that the individual values mean returns but dislikes variance: this is sometimes correct, but not for all utility functions implying risk-aversion. With a logarithmic utility function, for example, it is possible to find two projects with equal means where a risk-averse individual prefers the one with higher variance.

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更新时间:2025/5/1 17:16:00