One-Switch Utility Functions and a Measure of Risk
研究决策者财富变化时对两种赌博的偏好切换，发现递减风险厌恶不足以保证单次切换，并识别出满足该性质的效用函数小类，进而导出风险度量，结果同样适用于现金流贴现函数。
Consider the relative attractiveness to a decision maker of two financial gambles as the wealth of that individual varies. It may seem reasonable that either one alternative should be preferred for all wealth levels or that there exists a unique critical wealth level at which the decision maker switches from preferring one alternative to the other. Decreasing risk aversion is not sufficient for this property to hold: we identify the small class of utility functions for which it does. We show how the property leads naturally to a measure of risk. The results of this paper apply equally well to discounting functions for cash flows: one-switch discount functions permit at most one change in preference between cash flows as all payoffs are deferred in time.