问题如下图：
选项：
A. 
B. 
C. 
D. 
解释：
请问选项c是什么意思？？
Shimin_CPA税法主讲、CFA教研 · 2017年10月16日
我写两个定义：
Second-order stochastic dominance (SSD): Portfolio A will dominate B if A has higher mean and lower risk.
First-order stochastic dominance (FSD): if the cumulative distribution function for A is systematiclly lower than that for B, then B has higher probability of a bad outcome.
这个不是重点，就算不理解C也能选出D，D是课上强调的。你学有余力就记个结论：ES与SSD的原理一致，VAR与FSD的原理一致。FSD的要求比SSD严格。
NO.PZ2016070202000011 问题如下 Whiof the following statements about expecteshortfall (ES) is incorrect? A.ES provis a consistent risk measure across fferent positions antakes account of correlations. B.ES tells whto expein bstates: It gives ia of how bthe portfolio payoff cexpecteto if the portfolio ha boutcome. C.ES-baserule is consistent with expecteutility maximization if risks are rankea seconorr stochastic minanrule. Like VAR, ES es not always satisfy subaitivity (i.e., the risk of a portfolio must less thor equto the sum of the risks of its invipositions). is correct. ES, like VAR, es provi a consistent measure of risk thtakes versification into account, so statement Unlike VAR, however, CVis a sub-aitive risk measure. 老师，2023年考纲的话，C还是超纲吗？貌似基础课没有这个知识点。
NO.PZ2016070202000011 老师请问ES是怎么考虑相关性的
NO.PZ2016070202000011 请老师下C
NO.PZ2016070202000011 请问老师，A中ES考虑correlation是怎么的，谢谢
什么意思，没懂。。。。。。。