Page 480 - DECO401_MICROECONOMIC_THEORY_HINDI
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O;f"V vFkZ'kkL=k osQ fl¼kar
uksV foaQrq cktkj ls vfèkd lqLr xfr lsA ,d ½.kkRed Beta 'ks;j cktkj dh izo`fÙk ls foijhr fn'kk esa xfr
djrk gSA
vfèkdka'k 'ks;j cktkj dh gh fn'kk esa xfr djrs gSa rFkk mudk Beta ,d (1) osQ utnhd Beta gksrk
gSA foaQrq ½.kkRed Beta dks fuos'kdksa }kjk vfèkeku fn;k tkrk gS D;ksafd os iksVZiQksfy;ks osQ tksf[ke esa deh
ykrs gSaA blh izdkj] de Beta okys 'ks;jksa dks mQ¡ps Beta okys 'ks;jksa osQ mQij vfèkeku feyuk pkfg,
D;ksafd mudh [kjhn iwjs iksVZiQksfy;ks dk tksf[ke de dj nsxhA de Beta rFkk ½.kkRed Beta 'ks;j Hkh
iksVZiQksfy;ks tksf[ke dk ,d=khdj.k djrs gSaA foaQrq mQ¡ps Beta okys 'ks;jksa dks Vkyuk pkfg, D;ksafd os cktkj
dh gh fn'kk esa xfr djrs gSa] mudh izkfIr;k¡ vR;fèkd gksrh gSa vkSj os iksVZiQksfy;ks tksf[ke dks ,df=kr djus
osQ fy, iz;qDr ugha gks ldrsA
fu"d"kZ (Conclusions)μ,d iksVZiQksfy;ks esa 'ks;jksa osQ tksf[ke dh fo'ks"krk,¡ rFkk mudh izkfIr;k¡ cktkj
dh izo`fÙk ls vyx ugha fd, tk ldrsA ;gh dkj.k gS fd vFkZ'kkL=kh Beta dk iz;ksx djrs gSaA ;fn ,d
'ks;j dk Beta ,d (1) ls de gS] rks ;g tksf[ke okys 'ks;jksa osQ iksVZiQksfy;ks dk tksf[ke de dj nsxk]
pkgs de Beta 'ks;j O;fDrxr :i ls tksf[ke okys gksaA foaQrq ;fn os vU; 'ks;jksa osQ lkFk ,df=kr fd, tkrss
gSa rks os iksVZiQksfy;ks tksf[ke dks de dj nsaxsA vr% mUgsa tksf[ke vfuPNqd (risk averse) fuos'kdksa }kjk
m¡Qps Beta 'ks;jksa ls vfèkd vfèkeku fn;k tkuk pkfg,A
bl izdkj] LVkWd ekosZQV larqyu esa] de Beta 'ks;jksa dh mQ¡ph dher rFkk vkSlr ls de izkfIr gksuh pkfg,A
nwljh vksj] mQ¡ps Beta 'ks;j iksVZiQksfy;ks tksf[ke esa o`f¼ djrs gSa vkSj osQoy rHkh [kjhns tk,¡xs tc mudh
de dher rFkk mQ¡ps tksf[ke dh {kfriwfrZ osQ fy, mQ¡ph vkSlr izkfIr nj gksA
29-4 lkjka'k (Summary)
l chek oaQiuh dk dk;Z fdlh vfuf'pr ?kVuk osQ dkj.k gqbZ gkfu dh ?kVuk esa fuf'prrk iznku djuk
gksrk gSA ;g vius xzkgd ls izhfe;e dh ,d vYi jkf'k ysdj gkfu osQ tksf[ke dks de djrh gS rFkk
ml ?kVuk] ftlosQ fy, chek ikWfylh yh xbZ gS] osQ gksus osQ ekeys esa ,d cgqr cM+h jkf'k dk Hkqxrku
djus dk opu nsrh gSA D;ksafd yksx vfèkdka'k tksf[ke vfuPNqd gksrs gSa] os izfrowQy laHkkouk (odds)
ij Hkh izhfe;e dk Hkqxrku djus dks rS;kj gksrs gSaA blh izdkj] chek oaQifu;k¡ Hkh tksf[ke vfuPNqd
gksrh gSaA iQeks± dh Hkk¡fr mudk mís'; Hkh ykHk dekuk gksrk gSA tksf[ke Vkyus rFkk ykHk dekus osQ fy,]
os tksf[ke ,d=khdj.k (risk-pooling) rFkk tksf[ke izlkj (risk-spreading) viukrh gSaA
29-5 'kCndks'k (Keywords)
1- izfriQy (Return)μokilh
2- iksVZiQksfy;ks (Portfolio)μdkxtkr j[kus dk cLrk
3- forj.k (Distribution)μck¡VukA
29-6 vH;kl&iz'u (Review Questions)
1- chek ls vki D;k le>rs gSa\ Li"V dhft,A
2- ^tqvk* ij ,d fVIi.kh fyf[k,A
3- ifjlaifÙk iksVZiQksfy;ks p;u dks le>kb,A
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