The name is absent

set of conditions was made clear (Proposition 1 and table 2). Secondly, the examination
based on the full set of conditions derived the properties of MS function on the applicability
of additive separability (Proposition 3) and the curvature of expansion path which links the
points that give the same slope of indifference curve in σ - μ axis (Proposition 4). It revealed
that attention has not been sufficiently paid to the full set of conditions in interpreting the
LMS model and the NLMS model. Thirdly, the interpretation of the NLMS model was
reconsidered in detail (table 4) and then an alternative NLMS model (15) which also derives
Cobb-Douglas type’s slope of indifference curve (14) was proposed (table 5). The
comparison of the two NLMS models and their implication to joint analysis approach might
give us an idea as to the new direction of further research. If the slope of indifference curve,
S ( σ, μ ), covers several types of risk aversion described by Properties 5 and 6 of Proposition 2,
it is necessary to examine whether or not there exists such an MS function that rationalizes all
the types of risk aversion. In tackling the unsolved problem, Cobb-Douglas type’s slope of
indifference curve (14), proposed by Saha (1997), seems to provide a good starting point, as
it takes advantage of not only flexible but also tractable attribute of MS approach under LS
condition.

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