经济学家最初开始理解这种“道德风险”现象是肯尼斯·阿罗在1963年论述它的时候。
Economists first cottoned on to this phenomenon of "moral hazard" when Kenneth Arrow wrote about it in 1963.
他曾经与前诺贝尔奖获得者肯尼斯·阿罗长久共事，也是是另一位诺贝尔奖获得者丹尼尔·麦克法登的研究生导师。
He worked long ago with one previous winner, Kenneth Arrow, and was the graduate adviser to another, Daniel McFadden.
因此，这些银行或许更易做出风险投资，如同肯尼斯·阿罗(1972)和约瑟夫·施蒂格利茨(2001)提出的道德风险的这个概念。
As a consequence, these Banks may be more likely to make risky investments, a concept described by Kenneth Arrow (1972) and Joseph Stiglitz (2001) as moral hazard.
20世纪50年代早期，美国经济学家肯尼斯。阿罗和2004年过世的法国数学家罗拉尔。德布鲁在此得到突破。
The breakthrough was made in the early 1950s by Kenneth Arrow, an American economist, and Gérard Debreu, a French mathematician who died in 2004.
肯尼斯·约瑟夫·阿罗纪念论文集，第3卷，不确定性、信息与交流。
Essays in honor of kenneth j. Arrow: volume 3, uncertainty, information, and communication.
肯尼斯·约瑟夫·阿罗纪念论文集，第3卷，不确定性、信息与交流。
Essays in honor of kenneth j. Arrow: volume 3, uncertainty, information, and communication.
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