{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,7,30]],"date-time":"2025-07-30T14:59:04Z","timestamp":1753887544599,"version":"3.41.2"},"reference-count":35,"publisher":"Wiley","issue":"1","license":[{"start":{"date-parts":[[2021,4,19]],"date-time":"2021-04-19T00:00:00Z","timestamp":1618790400000},"content-version":"vor","delay-in-days":108,"URL":"http:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100012456","name":"National Social Science Foundation of China","doi-asserted-by":"crossref","award":["19BJY251"],"award-info":[{"award-number":["19BJY251"]}],"id":[{"id":"10.13039\/501100012456","id-type":"DOI","asserted-by":"crossref"}]}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["Complexity"],"published-print":{"date-parts":[[2021,1]]},"abstract":"<jats:p>Traditional portfolio selection models mainly obtain the optimized portfolio ratio by focusing on the prices of financial products. However, investors\u2019 multiple preferences and risk appetites are also significant factors that should be taken into account. In consideration of these two factors simultaneously, we propose a double\u2010hierarchy model in this paper. Specifically, the first hierarchy quantifies investors\u2019 risk appetite based on a historical simulation method and probabilistic preference theory. This hierarchy can be utilized to describe investors\u2019 variable risk appetites and ensure the obtained investment ratios meet investors\u2019 immediate risk requirements. Then, using the cross\u2010efficiency evaluation principle, the optimal investment ratios can be derived by fusing investors\u2019 multiple preferences and risk appetites in the second hierarchy. Lastly, an illustrative example about evaluating the 10 largest capitalized stocks on the Shenzhen Stock Exchange is given to verify the feasibility and effectiveness of our newly proposed model. We make the theoretical contribution to improve the traditional portfolio selection model, especially considering investors\u2019 subjective preferences and risk appetite. Moreover, the proposed model can be practical for assisting investors with their investment strategies in real life.<\/jats:p>","DOI":"10.1155\/2021\/5512770","type":"journal-article","created":{"date-parts":[[2021,4,19]],"date-time":"2021-04-19T18:38:50Z","timestamp":1618857530000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Portfolio Selection with respect to the Probabilistic Preference in Variable Risk Appetites: A Double\u2010Hierarchy Analysis Method"],"prefix":"10.1155","volume":"2021","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-9656-4561","authenticated-orcid":false,"given":"Ruitao","family":"Gu","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-8863-0132","authenticated-orcid":false,"given":"Qingjuan","family":"Chen","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-2345-7674","authenticated-orcid":false,"given":"Qiaoyun","family":"Zhang","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","published-online":{"date-parts":[[2021,4,19]]},"reference":[{"key":"e_1_2_10_1_2","doi-asserted-by":"publisher","DOI":"10.1007\/bf02282055"},{"key":"e_1_2_10_2_2","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1984.tb04918.x"},{"key":"e_1_2_10_3_2","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhl001"},{"key":"e_1_2_10_4_2","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-5915.1990.tb00334.x"},{"key":"e_1_2_10_5_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.econmod.2018.09.014"},{"key":"e_1_2_10_6_2","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1996.tb05224.x"},{"key":"e_1_2_10_7_2","doi-asserted-by":"publisher","DOI":"10.1111\/j.1911-3846.1998.tb00564.x"},{"key":"e_1_2_10_8_2","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.00536"},{"key":"e_1_2_10_9_2","doi-asserted-by":"publisher","DOI":"10.1016\/S0742-3322(01)18012-5"},{"key":"e_1_2_10_10_2","doi-asserted-by":"publisher","DOI":"10.1007\/PL00013538"},{"key":"e_1_2_10_11_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijforecast.2008.06.006"},{"key":"e_1_2_10_12_2","doi-asserted-by":"publisher","DOI":"10.3905\/jpm.2015.41.3.035"},{"key":"e_1_2_10_13_2","article-title":"Hope, fear, and aspirations","volume":"26","author":"Xue D. H.","year":"2016","journal-title":"Mathematical Finance"},{"key":"e_1_2_10_14_2","first-page":"6","article-title":"Risk and return of equity index collar strategies","volume":"43","author":"Israelov R.","year":"2017","journal-title":"The Journal of Portfolio Management"},{"key":"e_1_2_10_15_2","doi-asserted-by":"publisher","DOI":"10.1080\/13504851.2020.1866151"},{"key":"e_1_2_10_16_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.gfj.2012.01.004"},{"key":"e_1_2_10_17_2","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.872695"},{"key":"e_1_2_10_18_2","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00288"},{"key":"e_1_2_10_19_2","first-page":"64","article-title":"Speculation, risk aversion, and risk premiums in the crude oil market","volume":"23","author":"Bingxin L.","year":"2018","journal-title":"Journal of Banking & Finance"},{"key":"e_1_2_10_20_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.insmatheco.2020.02.002"},{"key":"e_1_2_10_21_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.irfa.2008.04.004"},{"key":"e_1_2_10_22_2","doi-asserted-by":"publisher","DOI":"10.1021\/ie101347s"},{"key":"e_1_2_10_23_2","article-title":"Evaluation criteria of patient and public involvement in resource allocation decisions: a literature review and qualitative study","volume":"33","author":"Zrs R. Y.","year":"2017","journal-title":"International Journal of Technology Assessment in Health Care"},{"key":"e_1_2_10_24_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.techfore.2020.120286"},{"key":"e_1_2_10_25_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.techfore.2020.120155"},{"key":"e_1_2_10_26_2","first-page":"1","article-title":"A novel TODIM based on prospect theory to select green supplier with Q-rung orthopair fuzzy set","volume":"27","author":"Tian X. L.","year":"2021","journal-title":"Technological and Economic Development of Economy"},{"key":"e_1_2_10_27_2","first-page":"900","article-title":"The demand for risky assets","volume":"65","author":"Friend I.","year":"1975","journal-title":"American Economic Review"},{"key":"e_1_2_10_28_2","doi-asserted-by":"publisher","DOI":"10.1086\/261141"},{"key":"e_1_2_10_29_2","doi-asserted-by":"publisher","DOI":"10.2307\/2678130"},{"key":"e_1_2_10_30_2","doi-asserted-by":"publisher","DOI":"10.1287\/deca.1100.0178"},{"key":"e_1_2_10_31_2","doi-asserted-by":"publisher","DOI":"10.1111\/geer.12043"},{"key":"e_1_2_10_32_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2017.11.001"},{"key":"e_1_2_10_33_2","doi-asserted-by":"publisher","DOI":"10.1016\/s0888-613x(00)00032-3"},{"key":"e_1_2_10_34_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.ins.2014.08.049"},{"key":"e_1_2_10_35_2","doi-asserted-by":"publisher","DOI":"10.1057\/jors.1994.84"}],"container-title":["Complexity"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/downloads.hindawi.com\/journals\/complexity\/2021\/5512770.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/downloads.hindawi.com\/journals\/complexity\/2021\/5512770.xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1155\/2021\/5512770","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,8,9]],"date-time":"2024-08-09T22:51:21Z","timestamp":1723243881000},"score":1,"resource":{"primary":{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/10.1155\/2021\/5512770"}},"subtitle":[],"editor":[{"given":"Wei","family":"Zhou","sequence":"additional","affiliation":[],"role":[{"role":"editor","vocabulary":"crossref"}]}],"short-title":[],"issued":{"date-parts":[[2021,1]]},"references-count":35,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2021,1]]}},"alternative-id":["10.1155\/2021\/5512770"],"URL":"https:\/\/doi.org\/10.1155\/2021\/5512770","archive":["Portico"],"relation":{},"ISSN":["1076-2787","1099-0526"],"issn-type":[{"type":"print","value":"1076-2787"},{"type":"electronic","value":"1099-0526"}],"subject":[],"published":{"date-parts":[[2021,1]]},"assertion":[{"value":"2021-02-26","order":0,"name":"received","label":"Received","group":{"name":"publication_history","label":"Publication History"}},{"value":"2021-04-02","order":2,"name":"accepted","label":"Accepted","group":{"name":"publication_history","label":"Publication History"}},{"value":"2021-04-19","order":3,"name":"published","label":"Published","group":{"name":"publication_history","label":"Publication History"}}],"article-number":"5512770"}}