Nonspeculative Behavior and the Term Structure
区分了风险厌恶个体对风险资产的两类行为：做多或做空的头寸方向，以及头寸规模。前者取决于预期收益与安全收益的比较，后者受风险厌恶程度和风险水平影响。
There are two well-known distinct aspects to the behavior of a risk-averse individual towards a risky proposition: the position he takes, long or short, with regard to the gamble, and the scale of the position taken–the amount by which he goes long or short. On one hand, the first aspect depends only on the individual's assessment of the expected return from the gamble relative to a safe return. The second aspect, on the other hand, will be influenced by the individual's degree of risk aversion and the level of risk of the gamble.