NO.PZ2023021601000014
问题如下：
When considering a portfolio that is optimal for one investor, a second investor with a higher risk aversion would most likely:
选项：
A.expect a higher variance for the portfolio. B.derive a lower utility from the portfolio. C.have a lower return expectation for the portfolio.解释：
Utility has two terms: the expected return and a negative term based on the portfolio risk weighted by risk aversion. For an identical portfolio, the investor with a higher risk aversion (A) would calculate a lower utility (U).对于second investor，这个portfolio require higher return 呢？ 因为more risk aversion- need higher rate to compensate
