On Marginal‐Risk Behavior
在足够一般的决策理论框架下研究边际风险行为，证明通常意义上的风险厌恶是边际风险厌恶的特例，并解释了边际风险偏好型风险厌恶者的悖论源于对“风险增加”的定义混淆。
This paper examines marginal‐risk behavior in a decision‐theoretic setting that is sufficiently general to accommodate any decision‐making model representable by a certainty equivalent. The analysis shows that risk aversion in its usual sense is a special case of marginal‐risk aversion associated with mean‐preserving changes in gambles. Thus, marginal‐risk behavior and risk behavior are not inherently different. Rather, they manifest similar behavior evaluated at different gambles. The paradox of marginal‐risk‐loving risk averters arises from mixing definitions of an “increase in risk.”