Preferences, Continuity, and the Arbitrage Pricing Theory
研究推导罗斯套利定价理论所需的偏好结构，证明只需序数偏好，无需风险厌恶的期望效用函数，这一特点区别于标准资本资产定价模型。
This article investigates the structure on preferences required to derive Ross's arbitrage pricing theory (APT). It is shown that only ordinal preferences are required. In particular, the APT does not require that agents possess preferences representable as risk-averse expected utility functions. This characteristic of the APT is not shared by the standard equilibrium-based capital asset pricing models.