Defining Bad News: Changes in Return Distributions That Decrease Risky Asset Demand
用随机变量刻画了在两种资产组合问题中，风险资产收益率分布变化导致所有严格风险厌恶的预期效用最大化投资者减少需求的充要条件，并进一步刻画了同时降低需求和预期效用的变化。
We provide a random variable characterization of the necessary and sufficient conditions for a shift of the distribution of rate of return on the risky asset in the two-asset portfolio problem to reduce demand for all strictly risk-averse expected-utility-maximizing investors. We also provide random variable characterizations of the shifts that reduce both demand and expected utility for all strictly risk-averse investors.