NO.PZ201710100100000301
问题如下:
1. Holding all else constant, the change in Blake’s income will most likely result in:
选项:
A.an increase in his marginal utility of consumption.
B.an increase in his intertemporal rate of substitution.
C.a decrease in his required risk premium for investing in risky assets.
解释:
C is correct.
The additional annuity payment substantially increases Blake’s income and wealth, which decreases his marginal utility of consumption. As a result, the average loss of marginal utility from any risk taking decreases as his wealth increases. Thus, he requires a lower risk premium and is willing to buy more risky assets.
考点: intertemporal rate of substitution
解析:遗产投资到了年金,年金使得未来收入增加。
A,收入增加,基本的生活需求已经被满足,那么消费带来的爽度减小,所以 marginal utility of consumption减小。
B,m=MUt+s/MUt ,未来收入增加,使得MUt+s减小,所以最终m减小。
C选项可作为新的结论来记:收入增加,MUt+s减小,假设投资风险产品有亏损,由于MUt+s本身是一个比较小的数值,那么亏损带来的爽度的减少也很小,所以投资者愿意承担风险(即使投亏了,也觉得没什么影响),所以对于承担风险要求的补偿也比较低。
我一开始觉得C错,因为utility 降低,所以Price也降低,公司为了吸引投资人来投资,return 和价格是反比,return应该升高才对。
-----这个是不是在我预期未来收入高的情况下。
题目说得是现在得到了一笔大资产,我内心无比膨胀,不在乎风险的角度出发的?