Page 139 - DECO402_MACROECONOMIC_THEORY_PUNJABI

iekweI-14: boml Aqy toibn dw Xogdwn

jykr pRqXwiSq puMjI lwB jW nukswn g hY, qW mwinAqw hY ik invySk ies (g) dy sMBwivXqw ivqrx È؇
(probability distribution) dy Apxy Anumwn dy AwDwr qy kMm krygw Aqy ieh vI minAqw hY ik ies sMBwvnw
ivqrx dw pRqXwiSq mu`l jIro hY Aqy bWfW qy cwlU ibAwj dr r dy p`Dr qo svqMqr hY[
ausdI invyS sucI iv`c mudrw dw M Anupwq Aqy bWfW dw B Anupwq rihNdw hY, ijQy M Aqy B doxW dw joV iek
hY[ iesdw koeI mu`l irxwqmk nhI hY[ invyS sucI R dw pRiqPl hY:

R = B (r +g) ijQy 0 ≤ B ≤ I

ikauik g XdirciCk cr (random variable) hY ijhdw pRqXwiSq mu`l jIro hY iesleI invyS sucI qy pRiqPl hY:

RE = mR = Br

invyS sucI iv`c sMbD joiKm R dy mwnk ivcln (standard deviation) rwhI mwpI jWdI hY Bwv σR toibn ny
qIn qrW dy invySkW dw alyK kIqw hY[ ies qrW dy invySk qW Euh hn ijnwƒ joiKm aTwx dw mjw AMdw hY
Aqy auh v`D qo v`D joiKm auTwx dy leI ApxW swrW DMn bWfW qy lgw iddy hn[ bWfW qo pRqXwiSq Awmdn dy
bdly joiKm aTwdy hn[auh juAwirAw vrgy huMdy hn[ dujW vrg goqwKorW (plungers) dw hY[ ah jW qW Apxw
swrw DMn bWfw iv`c lgw iddy hn jW ausƒ nkdI dy rup iv`c rKdy hn[ ieh goqwKor pRviriq dy lok jW qW sb
kuJ dNwv qy lgw iddy hn, jW iblkul joiKm nhI aTwdy[
pr ijAwdwqr invySk qIjy vrg dy hI huMdy hn[ auh joiKm invwrk (risk averters) Aqy ivivDk (diversi-
fiers) hMudy hn[ joiKm invwrk nukswn dI aus joiKm qo bcdw hY jyVI mudrw dy bjwey bWf rKwx nwl sMbDq
rihNdI hY[ auh kyvl aus AvsQw qy Aiqirkq joiKm aTwx ƒ iqAwr huMdy hn jd auhnwƒ ieh AwSw hovy ik
bWf qy kuJ Aiqirkq pRiqPl (Awmdn) pRwpq hovygI pr Srq ieh hY ik jyVw v`D joiKm auTwdw hY auh Apxy
nwl pRiqPl Awmdn qo v`D viriDAW lWdw hY[ iesleI auh ApxI invyS sucI qo ivivD bnwxgy Aqy mudrw
Aqy nkdI dovy rKxgy[ jdik mudrw rKx nwl n qW koeI pRiqPl pRwpq huMdw hY Aqy n hI koeI joiKm, Pyr vI
ieh pirsMpiqAW qo sb qo ijAwdw qrl rup iv`c hY ijsƒ kdy vI bWf Kirdx dy leI pRXog kIqw jw skdw
hY[ joiKm invwrk dy joiKm Aqy pRqXwiSq pRiqPl dy AiDmwn dw pqw lgwx dy leI , toibn Dnwqmk Flwn
vwly adwsInqw vkrW dw pRXog krdw hY, jo pRkt krdy hY ik joiKm invwrk v`D joiKm aTwx dy leI Aqy v`D
pRqXwiSq pRiqPlW dI mMg krdw hY[ iesƒ icqr 14.2 iv`c ivKwieAw igAw hY ijsƒ SYiqj AkS joiKm (σR)
ƒ Aqy AnUlMb AkS pRiqAwiSq pRiqPlW (σµR) nUM mwpdw hY[Or ryKw joiKm invwrk dI bjtryKw hY[ieh joiKm
Aqy pRiqAwiSq pRiqPl dy auhnW sNXogW nMU ivAkq krdI hY ijnW dy ADwr qy auh Awpxy Dn dI invyS sucI nUM
mudrw Aqy bWfW ivc lgWdw hY[I Aqy I adwsInqw vk`r hY[ adwsInqw vk`r dsdw hY ik auh pRiqAwiSq Pl
1 2
Aqy joiKm dy auhnW swry sMXogw dy pRiq adwsIn hY jo I vk`r qy siQq hn[I vk`r qy siQq ibMduAW dI ApykSw
1 1
aho I qy siQq ibMdUAW nUM AiDmwn idMdw hY[pr joiKm invwrk nUM pRiqAwiSq pRiqPl Aqy joiKm dy iv`c sMquln
2
dI siQqI aus QW apl`bD hovygI ijs QW asdI bjt ryKw adwsInqw v`kr nUM spRS krygI[ bjt ryKw Aqy I
1
vkr qy ieho ijhw ibMdU T hY[

‡≈√’ boml dy mwllucI sYDWiqk mq qy Apxy ivcwr dso[

ic`qr dy incly ih`sy iv`c AnulMb vkr dI lMbweI ies sMpiq ƒ ibAwn krdI hY ijsƒ joiKm invwrx ApxI
invySsucI nUN mudrw Aqy bWfW iv`c rKdw hY[OC ryKw joiKm dy bWfW iv`c rKI kul invySsucI dy ihsy dy Anupwq
dy rup qy ibAwn krdI hY[ ies qrW ibNdu T qy lMb dy rup iv`c KIcI geI ryKw qy ibNdu E mudrw Aqy bWfW dw
invySsucI imSirq inrDwirq krdw hY[ iedy iv`c OP bWf Aqy PW mudrw hY[

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