Increasing risk .1. A definition - Comment
成果类型：
Editorial Material
署名作者：
Leshno, M; Levy, H; Spector, Y
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1997.2302
发表日期：
1997
页码：
223-228
关键词：
摘要：
Rothschild and Stiglitz (R&S) were the first to define and introduce the concept of one asset being more risky than another one. Therefore, their paper is a cornerstone in the theory of risk. Nevertheless, there is an error in a construction of the mean preserving spread (MPS) in Lemma 1 of the paper. The correction of the proof of R&S is important particularly as the paper is widely taught in courses dealing with uncertainty and risk analysis. We modified R&S's MPS and show that all their conclusions are intact. (C) 1997 Academic Press.