请问B为什么不对？

NO.PZ2015121801000051

问题如下：

With respect to risk-averse investors, a risk-free asset will generate a numerical utility that is:

选项：

the same for all individuals.

positive for risk-averse investors.

equal to zero for risk seeking investors.

解释：

A is correct.

A risk-free asset has a variance of zero and is not dependent on whether the investor is risk neutral, risk seeking or risk averse. That is, given that the utility function of an investment is expressed as $U = E (r) - \frac{1}{2} A σ^{2}$ , where A is the measure of risk aversion, then the sign of A is irrelevant if the variance is zero (like that of a risk-free asset).

有两个问题：

看了这个解释没看懂：https://class.pzacademy.com/qa/57654，按这个说法B不应该是对的吗？
对于risk averse，risk neutral和risk seeking的人群，A为0，utility对这三种人群是否都是一样的？

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pzqa27 · 2022年11月21日

嗨，努力学习的PZer你好：

看了这个解释没看懂：https://class.pzacademy.com/qa/57654，按这个说法B不应该是对的吗？

B其实可以是对的，但是如果一定要特别严谨的话，B还是有瑕疵的，因为我们无法排除负利率的可能性，但是负利率几乎见不到，所以B可以是对的

对于risk averse，risk neutral和risk seeking的人群，A为0，utility对这三种人群是否都是一样的？

不一样，因为A不一样，A=0只对风险中性的人成立

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请问B为什么不对？

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