英语翻译The point of departure for our study from the extant lit
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英语翻译
The point of departure for our study from the extant literature requires an
appropriate continuous probability distribution with fat tails.One immediately runs into
difficulties here because,as Geweke (2001) notes,the theory of choice under uncertainty in such settings often breaks down under the constant relative risk aversion (CRRA) utility function.Geweke (2001) specifically demonstrates the failure of the choice theory with Student-t distributions in such circumstances.
The point of departure for our study from the extant literature requires an
appropriate continuous probability distribution with fat tails.One immediately runs into
difficulties here because,as Geweke (2001) notes,the theory of choice under uncertainty in such settings often breaks down under the constant relative risk aversion (CRRA) utility function.Geweke (2001) specifically demonstrates the failure of the choice theory with Student-t distributions in such circumstances.
翻译:我们对现有材料研究的立足点需要有一个特定分布情形下的厚尾分布.正如格威克教授(2001年)指出的:在相关常量效用函数下选择理论这种不确定的情况会消失;这将是这里出现的难点.格威克教授(2001年)特别指明选择理论的在t情况下的不适用.
注释:对不起,这是金融专业的英语吧,有些专有名词不一定能翻译准确,如CRRA我就不懂是在函数里怎么翻译.你参照下面理解一下.
1、fat tails:厚尾分布主要是出现在金融数据中,例如证券的收益率.从图形上说,较正态分布图的尾部要厚,峰处要尖.直观些说,就是这些数据出现极端值的概率要比正态分布数据出现极端值的概率大.因此,不能简单的用正态分布去拟合这些数据的分布,从而做一些统计推断.一般来说,通过实证分析发现,自由度为5或6的t分布拟合的较好.有关这方面详细的信息可以参见一些金融计量的书籍.
2、CRRA/Constant Relative Risk Aversion:a property of some utility functions,also said to have isoelastic form.CRRA is a synonym for CES.Example 1:for any real a,u(c)=c(a次方; 指数)a is a CRRA utility function.It is a vNM utility function.
3、Geweke:可能是UTS(悉尼科技大学)的Professor John Geweke ;Distinguished Professor,Centre for the Study of Choice(选择论的权威教授)
注释:对不起,这是金融专业的英语吧,有些专有名词不一定能翻译准确,如CRRA我就不懂是在函数里怎么翻译.你参照下面理解一下.
1、fat tails:厚尾分布主要是出现在金融数据中,例如证券的收益率.从图形上说,较正态分布图的尾部要厚,峰处要尖.直观些说,就是这些数据出现极端值的概率要比正态分布数据出现极端值的概率大.因此,不能简单的用正态分布去拟合这些数据的分布,从而做一些统计推断.一般来说,通过实证分析发现,自由度为5或6的t分布拟合的较好.有关这方面详细的信息可以参见一些金融计量的书籍.
2、CRRA/Constant Relative Risk Aversion:a property of some utility functions,also said to have isoelastic form.CRRA is a synonym for CES.Example 1:for any real a,u(c)=c(a次方; 指数)a is a CRRA utility function.It is a vNM utility function.
3、Geweke:可能是UTS(悉尼科技大学)的Professor John Geweke ;Distinguished Professor,Centre for the Study of Choice(选择论的权威教授)
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