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本文主旨是对Kyle(1985)在风险厌恶进行扩展,运用比较静态方法分析了引入风险对于均衡的影响,得出了风险厌恶将使得市场变深的结论
The main thrust of this paper is to extend Kyle’s (1985) risk aversion and analyze the effect of introducing risk on the equilibrium using a comparatively static approach, concluding that risk aversion will deepen the market