Risk Aversion versus Expected Profit Maximization with a Progressive Income Tax
提出“表观风险规避”概念，指因随机变量非线性进入目标函数而被误判为风险规避的情形，并以累进所得税为例说明这一被忽视的来源，提醒研究者避免错误归因。
Abstract This article introduces the terms “apparent,” or “pseudo,” risk aversion to represent those situations where “real” risk aversion is falsely attributed simply because second and higher moments of random variables are arguments in a decision maker's objective function. Apparent risk aversion can occur when stochastic variables nonlinearly enter the objective function. The progressive income tax structure is highlighted as a neglected but important source of apparent risk aversion. Such sources of apparent risk aversion should be recognized, otherwise an incorrect level of risk aversion might be claimed, or risk aversion might be claimed when risk neutrality prevails.