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邊度話"Fair game has zero risk premium and zero expected return."?
你個4%example已經違反你話o既"Fair game has zero risk premium and zero expected return."
http://financial-dictionary.thefreedictionary.com/Fair+Game
http://www.investorwords.com/7288/fair_game.html
呢個係choice和結果的問題
擲coin的choice係公或字, 結果係$1變$2, 或變$0, expected value=$1
投資的choice係risky investment or riskfree investment, 結果係本金*(1+risk-free rate), 或本金*(1+risk-free rate+(chance*gain rate+chance*loss rate)), expected return=(1+risk-free rate), 因為在fair game中定義了(chance*gain+chance*loss)=0,
開始係本金, 結果係本金*(1+risk-free rate), 不同于擲coin, 但若inflation rate=risk-free rate, 你個real return rate=0, 結果係本金, 咁就同于擲coin
The risk premium is the amount by which the risky asset's expected return must in fact exceed the risk-free return in order to make the risky and risk-free assets equally attractive.
個risk中的chance of loss 抵消咗premium, 所以係0
記憶中係咁, 互研
2013-12-14 10:07:03 補充：
gain rate & loss rate我想講additional果種
2013-12-21 14:32:58 補充：
Any question?
