什么是risk-neutral

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<P>字面翻译是风险中立吗？</P> <P>这个词到底是什么意思 研究什么的</P> <P>那risk-neutral valuation呢 又是研究什么的 谢谢</P>

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关键词：Neutral Risk RIS Valuation ATION valuation

 risk neutral is used to discriping the individual values risk at a constant value. Risk neutral is in between risk aversion and risk seeking, and a risk neutral individual will accept exactly the same interest rate  for all assets.

The value that a risk-neutral individual assigns to a financial instrument is usually different from the expected value of the financial instrument based on market prices. Because real market prices will be affected by the price the market is wil pay for risk, actual market prices will changing from risk neutral prices and risk neutral probabilities will changing from actual probabilites.

the risk-neutral probabilities  is for refering to probabilities which when use in weighting a expected-value calculation will reproduce the market value of financial instruments. In general, risk-neutral probabilities differ from real-world probabilities because the market does not assign value in the same way that a risk-neutral individual would.

[此贴子已经被作者于2007-11-4 0:03:34编辑过]

斑竹啊 这句话不是很明白

a risk neutral individual will accept exactly the same interest rate  for all assets.

是说投资者希望他投资的每个asset都有一样的收益率吗？

A资产，风险两端：+20， -20，期待0。

B资产，风险两端：+10，-10,期待0。

如果你认为这两个资产投资上的价值一样，你就是risk neutral。

风险中性Insensitive to risk, meaning someone who is completely indifferent to the risk involved in an investment and is only concerned about expected return.

[此贴子已经被作者于2007-11-6 16:38:44编辑过]

需要数学定义的，不然不严谨

风险中性,就是对风险不敏感.在E-V平面内,风险中性投资者的效用线就是直线

在狭义的或传统的风险中性世界里,投资的收益率就是资本的时间价值,也就是无风险收益率

最近也学到了这个 不是很理解 唉

不会因为风险增加而提高要求回报率，也不会因为风险减少而减低要求回报率。只受期望回报率影响

I always see this term in Fixed-income securities studies e.g. Black-Scholes formula...
but I don't really understand what it means all the time!
thanks so much for the explanations!!!