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(lái)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

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?qǐng)D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(lái)。

【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(lái)說(shuō)沒(méi)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(lái)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