Attractive Compounds of Unattractive Investments and Gambles
研究了多个独立复制的投资或赌博组合可能吸引风险规避者，即使单个投资不被接受，原因在于组合可能降低风险厌恶程度或存在有限责任，并刻画了使公平赌博的重复序列优于所有有限财富水平的冯·诺依曼-摩根斯坦效用函数。
A compound of many independent replicas of an investment or gamble may be attractive to some risk-averters who do not accept the individual investment or gamble. This can happen if there is a chance that the compound leads to a wealth level where the degree of risk aversion is lower than at the initial wealth level. It can also happen if the investor has some sort of limited liability. The von Neumann-Morgenstern utility functions with the property that sufficiently long sequences of repetitions of any fair gamble are preferred to all finite wealth levels are characterized in this paper.