192 7



'  ,     ,   
      ,    .
         -
. . EdwinJ. Eitonand MartinJ. Gruber, Finance asa Dynamic ProceM(Englewood Cliffs, NJ: Prentice
Hall, 1975,  . 5).

2         ,   
      ,   
 /= 1.         -
. (. . 4,     .)

3     ,  ,   . 
,          
  .       
 ,     .  -
       ,   
  .        
 (variance).        -
   ,   ,     . 
     .

4  ; . Ralph . Swalm, Utility Theory: Insights into Risk Taking, Harward
Business Review, 44, no. 6 (November-December 1966), pp. 123136,   .  5.

5  -     :     -
      ? ,   ,
       ,  -
,     ,      .   ,
       ,     -
 ,     ,    -
. .: Gordon J. Alexander and Jack dark Francis, Portfolio Analysis (Englewood Cliffs, NJ:

Prentice Hall, 1986),  . 23.   ,    
        .  -
     ,    -
   .     .  
  Journal of Business ( 1986),        
. 6  .

6   (risk-seeking}  F,   ,   ,    (risk-
neutral},   /'    .       
 ,  ,   .

7    ,        
  .      .     
  (.  5).

8 ,     ,    ,  -
   . ,  Able     -
  $46,48,        $2  
 $44,48.           
,     . 18.

''      ,    -
     ,        -
 . .: . Levy and H. M. Markowitz, Approximating Expected Utility by a Function of Mean
and Variance, American Economic Review, 69, no. 3 (June 1979), pp. 308317; Yoram Kroll, Haim Levy,
and Harry M. Markowitz, Mean-Vriance versus Direct Utility Maximization, Journal of Finance, 39, no.
1 (March 1984), pp. 47-61.      ,    -