Asset Demand Without the Independence Axiom
研究当投资者偏好不能用期望效用表示时，风险厌恶与投资组合分散化之间的关系，对理解非标准偏好下的资产需求有参考价值。
An important application of the theory of choice under uncertainty is to asset markets, and an important property in these markets is a preference for portfolio diversification. If an investor is an expected utility maximizer, then (s)he is risk averse if and only if (s)he exhibits a preference for diversification. This paper examines the relationship between risk aversion and portfolio diversification when preferences over probability distributions of wealth do not have an expected utility representation