台灣在民國90年底時將台灣加權股價指數選擇權納入做為選擇權市場的第一項商品，在隨後的幾年快速發展，如今已算是投資人重要的投資避險工具之ㄧ了。然而只要交易量夠多，市價就越能逼近無套利的價格且市場資訊也越能被選擇權資訊所反應，也因為如此，目前利用選擇權資訊內涵來估計風險趨避測度的方法相繼產生。而本文將利用資產定價核心，在Power Function的模型下，配合上無母數的方法來估計市場投資人的風險趨避測度。最後利用迴歸與相關性分析對投資人的風險趨避測度和經濟循環之間的關係做詳細的討論。

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