微觀經(jīng)濟(jì)學(xué)課件第5章(參考版)
2025-05-19 04:27本頁(yè)面
【正文】 第 5章作業(yè) 練習(xí)題： 8 。 ? 風(fēng)險(xiǎn)規(guī)避者為避免風(fēng)險(xiǎn)而愿意付出的最大的代價(jià)稱為風(fēng)險(xiǎn)貼水。 ? 在進(jìn)行不確定選擇時(shí)，消費(fèi)者追求期望效用最大化，它是各種可能結(jié)果帶來(lái)的效用的加權(quán)平均，權(quán)數(shù)為各種結(jié)果發(fā)生的概率。 Tbill portfolio p R e tu r n , of D e v i a ti o n Sta n d a r d ?UB RB m?Rm B?UB: Low risk aversion The investor would invest more than 100% of their wealth by borrowing or buying on the margin. Chapter 5 Slide 91 Investing in the Stock Market ? Observations ? Percent of American families who had directly or indirectly invested in the stock market ?1989 = 32% ?1995 = 41% Chapter 5 Slide 92 Investing in the Stock Market ? Observations ? Share of wealth in the stock market ?1989 = 26% ?1995 = 40% Chapter 5 Slide 93 Investing in the Stock Market ? Observations ? Participation in the stock market by age ?Less than 35 ? 1989 = 23% ? 1995 = 29% ?More than 35 ? Small increase Chapter 5 Slide 94 Investing in the Stock Market ? What Do You Think? ? Why are more people investing in the stock market? Chapter 5 Slide 95 本章小結(jié) ? 面對(duì)未來(lái)的不確定性，消費(fèi)者和管理者經(jīng)常要進(jìn)行決策。 Riskless Assets Chapter 5 Slide 68 The Demand for Risky Assets ? Asset Returns ? Return on an Asset ?The total moary flow of an asset as a fraction of its price. ? Real Return of an Asset ?The simple (or nominal) return less the rate of inflation. Chapter 5 Slide 69 The Demand for Risky Assets ? Asset Returns Pri ce Pu rch a seF l o wM o n e t a ry R e t u rn A sse t ?%10??? $ 1 , 0 0 0$ 1 0 0 / ce Bo n dF l o w R e t u rn A sse tChapter 5 Slide 70 The Demand for Risky Assets ? Expected Return ? Return that an asset should earn on average Expected vs. Actual Returns Chapter 5 Slide 71 The Demand for Risky Assets ? Actual Return ? Return that an asset earns Expected vs. Actual Returns Chapter 5 Slide 72 InvestmentsRisk and Return (19261999) Common stocks (Samp。 Chapter 5 Slide 64 ? Assets ? Something that provides a flow of money or services to its owner. ?The flow of money or services can be explicit (dividends) or implicit (capital gain). The Demand for Risky Assets Chapter 5 Slide 65 ? Capital Gain ? An increase in the value of an asset, while a decrease is a capital loss. The Demand for Risky Assets Chapter 5 Slide 66 The Demand for Risky Assets ? Risky Asset ? Provides an uncertain flow of money or services to its owner. ? Examples ?apartment rent, capital gains, corporate bonds, stock prices Risky amp。 ? 如果信息完全，作出正確的選擇，那么，預(yù)期收益為8,500. ? 8,500 = (5,000) + (12,000) ? 如果信息不完全，訂 100套的預(yù)期收益為 6,750。有兩種結(jié)果：訂 50套售出 50套，或者訂 100套售出 100套。 ? 售出 100套衣服的概率為 ，售出 50套衣服的概率也是 。 保險(xiǎn)公司的收支 Chapter 5 Slide 59 降低風(fēng)險(xiǎn) ? 完全信息的價(jià)值（ Value of Complete Information ） ?完全信息的價(jià)值是信息完全時(shí)進(jìn)行選擇的期望收益與信息不完全時(shí)進(jìn)行選擇的期望收益的差額。 ?預(yù)期損失 = x $10,000 = $1,000 ?假定有 100人面臨同樣的境況 保險(xiǎn)公司的收支 Chapter 5 Slide 58 降低風(fēng)險(xiǎn) ? 每人交納 1000美元的保費(fèi)， 100人就匯集了100000美元的保險(xiǎn)基金，用于補(bǔ)償損失。 保險(xiǎn) Chapter 5 Slide 56 降低風(fēng)險(xiǎn) ? 大數(shù)定律（ the law of large number） 是指盡管孤立的事件是偶發(fā)性的，或者大部分是不可預(yù)測(cè)的，但是，許多相似事件的平均結(jié)果是可預(yù)計(jì)的。因?yàn)楸ｋU(xiǎn)的支出等于期望損失，因此，固定收入總是等于風(fēng)險(xiǎn)存在時(shí)的期望收入。 ? 如果保險(xiǎn)的價(jià)格正好等于期望損失，風(fēng)險(xiǎn)規(guī)避者將會(huì)購(gòu)買足夠的保險(xiǎn)，以使他們?nèi)魏慰赡艿膿p失得到全額的補(bǔ)償。 ? 在通常的情況下，通過(guò)將投資分散在一些相關(guān)性較小的事件上，可以較大程度地消除一部分
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