Approximate aggregation under uncertainty
证明，在代理人具有冯·诺依曼-摩根斯坦偏好、收入分配与价格无关且信念一致时，存在一个近似加总者，其风险容忍度等于各代理人风险容忍度之和，并简要讨论了该结果在金融资产定价模型中的应用。
For a collection of agents with von Neumann-Morgenstern preferences, a price-independent income distribution, and identical probability beliefs, there exists a von Neumann-Morgenstern approximate aggregator. The risk tolerance of the approximate aggregator is equal to the sum of the individual agent risk tolerances at prices which yield constant, “risk-free”, contingent consumption. The application of the approximate aggregator to standard asset pricing models in finance is discussed briefly.