{"id":"https://openalex.org/W3154097696","doi":"https://doi.org/10.1155/2021/5512770","title":"Portfolio Selection with respect to the Probabilistic Preference in Variable Risk Appetites: A Double\u2010Hierarchy Analysis Method","display_name":"Portfolio Selection with respect to the Probabilistic Preference in Variable Risk Appetites: A Double\u2010Hierarchy Analysis Method","publication_year":2021,"publication_date":"2021-01-01","ids":{"openalex":"https://openalex.org/W3154097696","doi":"https://doi.org/10.1155/2021/5512770","mag":"3154097696"},"language":"en","primary_location":{"id":"doi:10.1155/2021/5512770","is_oa":true,"landing_page_url":"https://doi.org/10.1155/2021/5512770","pdf_url":"https://downloads.hindawi.com/journals/complexity/2021/5512770.pdf","source":{"id":"https://openalex.org/S207319443","display_name":"Complexity","issn_l":"1076-2787","issn":["1076-2787","1099-0526"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319869","host_organization_name":"Hindawi Publishing Corporation","host_organization_lineage":["https://openalex.org/P4310319869"],"host_organization_lineage_names":["Hindawi Publishing Corporation"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Complexity","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://downloads.hindawi.com/journals/complexity/2021/5512770.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5003646285","display_name":"Ruitao Gu","orcid":"https://orcid.org/0000-0001-9656-4561"},"institutions":[{"id":"https://openalex.org/I204831749","display_name":"Southwestern University of Finance and Economics","ror":"https://ror.org/04ewct822","country_code":"CN","type":"education","lineage":["https://openalex.org/I204831749"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Ruitao Gu","raw_affiliation_strings":["School of Finance, Southwestern University of Finance and Economics, Chengdu 611130, China"],"raw_orcid":"https://orcid.org/0000-0001-9656-4561","affiliations":[{"raw_affiliation_string":"School of Finance, Southwestern University of Finance and Economics, Chengdu 611130, China","institution_ids":["https://openalex.org/I204831749"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5002335281","display_name":"Qingjuan Chen","orcid":"https://orcid.org/0000-0002-8863-0132"},"institutions":[{"id":"https://openalex.org/I204831749","display_name":"Southwestern University of Finance and Economics","ror":"https://ror.org/04ewct822","country_code":"CN","type":"education","lineage":["https://openalex.org/I204831749"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Qingjuan Chen","raw_affiliation_strings":["School of Finance, Southwestern University of Finance and Economics, Chengdu 611130, China"],"raw_orcid":"https://orcid.org/0000-0002-8863-0132","affiliations":[{"raw_affiliation_string":"School of Finance, Southwestern University of Finance and Economics, Chengdu 611130, China","institution_ids":["https://openalex.org/I204831749"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5072180931","display_name":"Qiaoyun Zhang","orcid":"https://orcid.org/0000-0002-2345-7674"},"institutions":[{"id":"https://openalex.org/I204831749","display_name":"Southwestern University of Finance and Economics","ror":"https://ror.org/04ewct822","country_code":"CN","type":"education","lineage":["https://openalex.org/I204831749"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Qiaoyun Zhang","raw_affiliation_strings":["School of Finance, Southwestern University of Finance and Economics, Chengdu 611130, China"],"raw_orcid":"https://orcid.org/0000-0002-2345-7674","affiliations":[{"raw_affiliation_string":"School of Finance, Southwestern University of Finance and Economics, Chengdu 611130, China","institution_ids":["https://openalex.org/I204831749"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5072180931"],"corresponding_institution_ids":["https://openalex.org/I204831749"],"apc_list":{"value":2300,"currency":"USD","value_usd":2300},"apc_paid":{"value":2300,"currency":"USD","value_usd":2300},"fwci":0.2305,"has_fulltext":true,"cited_by_count":1,"citation_normalized_percentile":{"value":0.55796288,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":90,"max":94},"biblio":{"volume":"2021","issue":"1","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9969000220298767,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9969000220298767,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11413","display_name":"Risk and Portfolio Optimization","score":0.9965000152587891,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11326","display_name":"Stock Market Forecasting Methods","score":0.9869999885559082,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/portfolio","display_name":"Portfolio","score":0.6654088497161865},{"id":"https://openalex.org/keywords/risk-appetite","display_name":"Risk appetite","score":0.6318727135658264},{"id":"https://openalex.org/keywords/probabilistic-logic","display_name":"Probabilistic logic","score":0.6120601296424866},{"id":"https://openalex.org/keywords/hierarchy","display_name":"Hierarchy","score":0.6072940826416016},{"id":"https://openalex.org/keywords/econometrics","display_name":"Econometrics","score":0.5365016460418701},{"id":"https://openalex.org/keywords/selection","display_name":"Selection (genetic algorithm)","score":0.5294850468635559},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.5259174108505249},{"id":"https://openalex.org/keywords/portfolio-optimization","display_name":"Portfolio optimization","score":0.5138419270515442},{"id":"https://openalex.org/keywords/preference","display_name":"Preference","score":0.4974196255207062},{"id":"https://openalex.org/keywords/variable","display_name":"Variable (mathematics)","score":0.46389368176460266},{"id":"https://openalex.org/keywords/stock-exchange","display_name":"Stock exchange","score":0.4605414569377899},{"id":"https://openalex.org/keywords/investment-strategy","display_name":"Investment strategy","score":0.43703919649124146},{"id":"https://openalex.org/keywords/modern-portfolio-theory","display_name":"Modern portfolio theory","score":0.4358869791030884},{"id":"https://openalex.org/keywords/investment","display_name":"Investment (military)","score":0.4230082631111145},{"id":"https://openalex.org/keywords/actuarial-science","display_name":"Actuarial science","score":0.4023705720901489},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.39723992347717285},{"id":"https://openalex.org/keywords/microeconomics","display_name":"Microeconomics","score":0.2800839841365814},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.2675948739051819},{"id":"https://openalex.org/keywords/mathematics","display_name":"Mathematics","score":0.1820954978466034},{"id":"https://openalex.org/keywords/risk-management","display_name":"Risk management","score":0.16991817951202393},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.16147631406784058},{"id":"https://openalex.org/keywords/artificial-intelligence","display_name":"Artificial intelligence","score":0.13826224207878113}],"concepts":[{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.6654088497161865},{"id":"https://openalex.org/C112723951","wikidata":"https://www.wikidata.org/wiki/Q7336262","display_name":"Risk appetite","level":3,"score":0.6318727135658264},{"id":"https://openalex.org/C49937458","wikidata":"https://www.wikidata.org/wiki/Q2599292","display_name":"Probabilistic logic","level":2,"score":0.6120601296424866},{"id":"https://openalex.org/C31170391","wikidata":"https://www.wikidata.org/wiki/Q188619","display_name":"Hierarchy","level":2,"score":0.6072940826416016},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5365016460418701},{"id":"https://openalex.org/C81917197","wikidata":"https://www.wikidata.org/wiki/Q628760","display_name":"Selection (genetic algorithm)","level":2,"score":0.5294850468635559},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.5259174108505249},{"id":"https://openalex.org/C202655437","wikidata":"https://www.wikidata.org/wiki/Q7231728","display_name":"Portfolio optimization","level":3,"score":0.5138419270515442},{"id":"https://openalex.org/C2781249084","wikidata":"https://www.wikidata.org/wiki/Q908656","display_name":"Preference","level":2,"score":0.4974196255207062},{"id":"https://openalex.org/C182365436","wikidata":"https://www.wikidata.org/wiki/Q50701","display_name":"Variable (mathematics)","level":2,"score":0.46389368176460266},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.4605414569377899},{"id":"https://openalex.org/C103144560","wikidata":"https://www.wikidata.org/wiki/Q2670999","display_name":"Investment strategy","level":3,"score":0.43703919649124146},{"id":"https://openalex.org/C9725762","wikidata":"https://www.wikidata.org/wiki/Q1072885","display_name":"Modern portfolio theory","level":3,"score":0.4358869791030884},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.4230082631111145},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.4023705720901489},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.39723992347717285},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.2800839841365814},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.2675948739051819},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.1820954978466034},{"id":"https://openalex.org/C32896092","wikidata":"https://www.wikidata.org/wiki/Q189447","display_name":"Risk management","level":2,"score":0.16991817951202393},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.16147631406784058},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.13826224207878113},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C134306372","wikidata":"https://www.wikidata.org/wiki/Q7754","display_name":"Mathematical analysis","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1155/2021/5512770","is_oa":true,"landing_page_url":"https://doi.org/10.1155/2021/5512770","pdf_url":"https://downloads.hindawi.com/journals/complexity/2021/5512770.pdf","source":{"id":"https://openalex.org/S207319443","display_name":"Complexity","issn_l":"1076-2787","issn":["1076-2787","1099-0526"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319869","host_organization_name":"Hindawi Publishing Corporation","host_organization_lineage":["https://openalex.org/P4310319869"],"host_organization_lineage_names":["Hindawi Publishing Corporation"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Complexity","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:hin:complx:5512770","is_oa":false,"landing_page_url":"http://downloads.hindawi.com/journals/complexity/2021/5512770.xml","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:doaj.org/article:bdbff9d145c142fea88c1d5e944f199e","is_oa":true,"landing_page_url":"https://doaj.org/article/bdbff9d145c142fea88c1d5e944f199e","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Complexity, Vol 2021 (2021)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.1155/2021/5512770","is_oa":true,"landing_page_url":"https://doi.org/10.1155/2021/5512770","pdf_url":"https://downloads.hindawi.com/journals/complexity/2021/5512770.pdf","source":{"id":"https://openalex.org/S207319443","display_name":"Complexity","issn_l":"1076-2787","issn":["1076-2787","1099-0526"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319869","host_organization_name":"Hindawi Publishing Corporation","host_organization_lineage":["https://openalex.org/P4310319869"],"host_organization_lineage_names":["Hindawi Publishing Corporation"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Complexity","raw_type":"journal-article"},"sustainable_development_goals":[],"awards":[{"id":"https://openalex.org/G3390058156","display_name":null,"funder_award_id":"19BJY251","funder_id":"https://openalex.org/F4320335869","funder_display_name":"National Social Science Fund of China"}],"funders":[{"id":"https://openalex.org/F4320335869","display_name":"National Social Science Fund of China","ror":null}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3154097696.pdf","grobid_xml":"https://content.openalex.org/works/W3154097696.grobid-xml"},"referenced_works_count":38,"referenced_works":["https://openalex.org/W1967136603","https://openalex.org/W1991552664","https://openalex.org/W1994413623","https://openalex.org/W1995680252","https://openalex.org/W2011583248","https://openalex.org/W2021951270","https://openalex.org/W2045038645","https://openalex.org/W2056119313","https://openalex.org/W2060567855","https://openalex.org/W2075087125","https://openalex.org/W2076663986","https://openalex.org/W2084091426","https://openalex.org/W2085647375","https://openalex.org/W2089772788","https://openalex.org/W2090497496","https://openalex.org/W2115177049","https://openalex.org/W2166833836","https://openalex.org/W2270398274","https://openalex.org/W2291702110","https://openalex.org/W2330573981","https://openalex.org/W2476787894","https://openalex.org/W2615685602","https://openalex.org/W2768077913","https://openalex.org/W2783318380","https://openalex.org/W2892093450","https://openalex.org/W3005214016","https://openalex.org/W3006871168","https://openalex.org/W3037055691","https://openalex.org/W3083089320","https://openalex.org/W3083370468","https://openalex.org/W3116639400","https://openalex.org/W3122033083","https://openalex.org/W3122482627","https://openalex.org/W3122833978","https://openalex.org/W3124553540","https://openalex.org/W3125430371","https://openalex.org/W4246406111","https://openalex.org/W6632396294"],"related_works":["https://openalex.org/W3198789915","https://openalex.org/W2342245948","https://openalex.org/W2113583687","https://openalex.org/W2396009620","https://openalex.org/W3141254748","https://openalex.org/W4387811153","https://openalex.org/W4392682043","https://openalex.org/W1589314636","https://openalex.org/W2498125471","https://openalex.org/W4312259442"],"abstract_inverted_index":{"Traditional":[0],"portfolio":[1,8,153],"selection":[2,154],"models":[3],"mainly":[4],"obtain":[5],"the":[6,13,51,81,92,96,112,121,127,135,146,151,165],"optimized":[7],"ratio":[9],"by":[10,103],"focusing":[11],"on":[12,59,126],"prices":[14],"of":[15,37,139],"financial":[16],"products.":[17],"However,":[18],"investors\u2019":[19,55,75,86,105,158],"multiple":[20,106],"preferences":[21,107,160],"and":[22,64,79,108,137,161],"risk":[23,56,77,88,109,162],"appetites":[24,78,110],"are":[25],"also":[26],"significant":[27],"factors":[28,40],"that":[29],"should":[30],"be":[31,71,101,169],"taken":[32],"into":[33],"account.":[34],"In":[35],"consideration":[36],"these":[38],"two":[39],"simultaneously,":[41],"we":[42],"propose":[43],"a":[44,60],"double\u2010hierarchy":[45],"model":[46,167],"in":[47,111,178],"this":[48],"paper.":[49],"Specifically,":[50],"first":[52],"hierarchy":[53,69],"quantifies":[54],"appetite":[57],"based":[58],"historical":[61],"simulation":[62],"method":[63],"probabilistic":[65],"preference":[66],"theory.":[67],"This":[68],"can":[70,100,168],"utilized":[72],"to":[73,133,149],"describe":[74],"variable":[76],"ensure":[80],"obtained":[82],"investment":[83,98,176],"ratios":[84,99],"meet":[85],"immediate":[87],"requirements.":[89],"Then,":[90],"using":[91],"cross\u2010efficiency":[93],"evaluation":[94],"principle,":[95],"optimal":[97],"derived":[102],"fusing":[104],"second":[113],"hierarchy.":[114],"Lastly,":[115],"an":[116],"illustrative":[117],"example":[118],"about":[119],"evaluating":[120],"10":[122],"largest":[123],"capitalized":[124],"stocks":[125],"Shenzhen":[128],"Stock":[129],"Exchange":[130],"is":[131],"given":[132],"verify":[134],"feasibility":[136],"effectiveness":[138],"our":[140],"newly":[141],"proposed":[142,166],"model.":[143],"We":[144],"make":[145],"theoretical":[147],"contribution":[148],"improve":[150],"traditional":[152],"model,":[155],"especially":[156],"considering":[157],"subjective":[159],"appetite.":[163],"Moreover,":[164],"practical":[170],"for":[171],"assisting":[172],"investors":[173],"with":[174],"their":[175],"strategies":[177],"real":[179],"life.":[180]},"counts_by_year":[{"year":2022,"cited_by_count":1}],"updated_date":"2026-05-21T06:26:12.895304","created_date":"2025-10-10T00:00:00"}
