摘要：This paper proposes a method for measuring investor risk appetite based on the
variation in the ratio of risk-neutral to subjective probabilities used by
investors in evaluating possible future returns to an asset. Unlike other
indicators advanced in the literature, our measure of market sentiment
distinguishes risk appetite from risk aversion, and is reported in levels rather
than changes. Implementation of the approach yields results that respond to
crises and other major economic events in a plausible manner.
