Toward exploring the location-scale condition: a constant relative risk aversion location-scale objective function
推导并分析了常相对风险规避（CRRA）位置-尺度函数，用于不确定性下的选择建模，发现其与常绝对风险规避（CARA）均值-方差函数结果差异显著，且更接近直接期望效用最大化结果。
A constant relative risk aversion (CRRA) location-scale function is derived, analysed, and demonstrated for modelling choice under uncertainty. The function contributes to further exploration of the location-scale condition in agricultural economics risk research. Such analysis has been infrequent in recent research because the well-known linear mean-variance function implicitly assumes constant absolute risk aversion (CARA). Examples demonstrate that the CARA meanvariance function produces substantially different results than the CRRA locationscale function. Further, the CRRA location-scale function produces results similar to direct expected utility maximisation with a CRRA utility function and normally distributed returns. Copyright 2004, Oxford University Press.