在这个金字塔的顶端，是偏好风险而又资本充裕的各国银行和主权财富基金。
At the top will be highly capitalised Banks and sovereign-wealth funds with risk appetite.
本文首先证明了基于风险基金的资产定价模型，然后使用该模型证明了如果定价的基准是单个的投资者的最优消费和财富时，那么基于财富偏好的资产定价模型成立。
We prove that the CAPM for the risky fund, and find that the CAPM based on preferences for wealth holds true when the pricing kernel consists of individual investors' optimal consumption and wealth.
风险内生于人们的社会、经济活动，人们的风险偏好随财富同方向变化。
Risk, following the society wealth' s steps, is born within the social and economic activities.
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