A NOTE ON INVESTMENT DECISION RULES BASED ON UTILITY FUNCTIONS
扩展了Borch的发现，指出基于任意有限阶效用函数的投资决策规则对一般风险规避者都存在模糊性，对投资决策理论研究者有参考价值。
Many investment decision models are formulated on the basis of certain assumptions regarding investor's tastes combined with the assumed objective of expected utility maximization. The rules are often expressed in the form of a finite number of moments of the returns distributions, depending on the specific utility function restrictions imposed. For example, mean/variance decisions have been derived using the assumption of a quadratic preference function. Borch (1969) and many others have demonstrated the ambiguity of mean/variance decision rules based on this specific utility functional form. In this note, Borch's findings are extended t o all investment decision rules based on the assumption of any finite order utility function for a general class of risk averters.