【摘要】 通过对Laffon的模型进行了改进,将散户的效用函数改成了常系数绝对风险厌恶的负指数形式。Laffon的结论为:当θ1,θ2相距不远时,大户与散户都偏好混同均衡。而改进后的模型却找到了θ1,θ2的距离在一个具体的范围内,大户与散户才都偏好混同均衡。更多还原

【Abstract】 By improving Laffon’s model ,the utility function of less-stock holder is transformed to the negative exponent of the fixed coefficient absolute risk aversion. Laffon’s conclusion is that when θ1 and θ2 are not far from each other, both abundant-stock holder and less-stock holder prefer pooling equilibrium. But the improved model finds that when θ1 and θ2 are within a specific distance, abundant-stock holder and less-stock holder prefer pooling equilibrium.更多还原