在Portfolio Management中，Risk Aversion的概念非常重要。大家不仅要掌握它的定义，还要掌握图示，如果考试给你一条曲线让你判断它代表的是风险厌恶还是风险偏好，大家要能选得出来。
【考试科目】CFA一级：组合投资
【考频分析】考频：★★★
【复习程度】理解掌握概念及图示
【高频考点】Risk Aversion
原版书中给出了一个选择题：Assume that an individual is offered two alternatives: one where he will get £50 for sure and the other is a gamble with a 50 percent chance that he gets £100 and 50 percent chance that he gets nothing. The expected value in both cases is £50, one with certainty and the other with uncertainty.
Risk Seeking
If an investor chooses the gamble, then the investor is said to be risk loving or risk seeking.风险偏好的人会选择高风险高收益的方案。
Risk Neutral
If an investor is indifferent about the gamble or the guaranteed outcome, then the investor may be risk neutral.两种方案对于风险中性的人来说没有差别。
Risk Averse
If an investor chooses the guaranteed outcome, he/she is said to be risk averse because the investor does not want to take the chance of not getting anything at all.风险厌恶的人会选择收益小风险小的方案。
用效用曲线来总结，不同的风险偏好程度可以表示成下图：
Risk Aversion的概念不难，所以通常不会直接考，上图的考察比例更高，大家一定要熟记！
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