特許金融分析師CFA一級(jí)必背高頻考點(diǎn)：Risk Aversion

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來源: 正保會(huì)計(jì)網(wǎng)校編輯：任鈺琪 2021/05/08 16:01:10　字體：大小

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在Portfolio Management中，Risk Aversion的概念非常重要。大家不僅要掌握它的定義，還要掌握圖示，如果考試給你一條曲線讓你判斷它代表的是風(fēng)險(xiǎn)厭惡還是風(fēng)險(xiǎn)偏好，大家要能選得出來。

特許金融分析師CFA一級(jí)必背高頻考點(diǎn)：Risk Aversion

【考試科目】CFA一級(jí)：組合投資

【考頻分析】考頻：★★★

【復(fù)習(xí)程度】理解掌握概念及圖示

【高頻考點(diǎn)】Risk Aversion

原版書中給出了一個(gè)選擇題：Assume that an individual is offered two alternatives: one where he will get ￡50 for sure and the other is a gamble with a 50 percent chance that he gets ￡100 and 50 percent chance that he gets nothing. The expected value in both cases is ￡50, one with certainty and the other with uncertainty.

Risk Seeking

If an investor chooses the gamble, then the investor is said to be risk loving or risk seeking.風(fēng)險(xiǎn)偏好的人會(huì)選擇高風(fēng)險(xiǎn)高收益的方案。

Risk Neutral

If an investor is indifferent about the gamble or the guaranteed outcome, then the investor may be risk neutral.兩種方案對(duì)于風(fēng)險(xiǎn)中性的人來說沒有差別。

Risk Averse

If an investor chooses the guaranteed outcome, he/she is said to be risk averse because the investor does not want to take the chance of not getting anything at all.風(fēng)險(xiǎn)厭惡的人會(huì)選擇收益小風(fēng)險(xiǎn)小的方案。

用效用曲線來總結(jié)，不同的風(fēng)險(xiǎn)偏好程度可以表示成下圖：

特許金融分析師CFA一級(jí)必背高頻考點(diǎn)：Risk Aversion