Outside Risk Aversion and the Comparative Statics of Increasing Risk in Quasi-Linear Decision Models
推导了在价格不确定的竞争模型中，Rothschild-Stiglitz风险增加对最优决策影响的充要条件，定义了外部风险厌恶和复合外部风险厌恶，并证明后者等价于前者，从而不确定性效应主导整体效果。
Necessary and sufficient conditions are derived to determine the effect of increases in Rothschild-Stiglitz risk on optimal decisions in a class of competitive models with price uncertainty. Outside risk aversion and composite outside risk aversion are defined. The effect of increased risk on the optimal decision is controlled by composite outside risk aversion. It is decomposed into a wealth effect, controlled by downside risk aversion, and an uncertainty effect, controlled by outside risk aversion. Composite outside risk aversion is shown to be equivalent to outside risk aversion, so that the uncertainty effect controls the overall effect. Copyright 1995 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.