中文摘要：

本文用数值分析的方法分析了在非期望效用函数下的投资决策问题。文章在模型和均衡分析的基础上指出，政府开支的增加，提高了代理人的风险投资，而政府税收的提高减少了风险投资。在数值分析中详细地分析了跨时替代弹性和相对风险厌恶系数彼此独立变化时，风险投资的变化情况，比较了风险投资受税收和风险的影响在非期望效用函数和期望效用函数下的差异，指出了期望效用函数对风险投资分析具有不确切性。

英文摘要：

The paper investigates a risky investment policy problem derived from a stochastic endogenous growth model extended to the case of a non-expected utility function which disentangles risk aversion from intertemporal elasticity of substitution. The fraction of the risk investment increases with government expenditure and decreases with income taxation. Finally, the effect of the increase of taxation and expenditure on economic variables are compared with, and the errors committed by using the constant elasticity utility function are pointed out.