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. 1. Historical data for the S&P 500 Index show an average excess return over Treasury bills of about 7.5% with standard deviation of about

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. 1. Historical data for the S&P 500 Index show an average excess return over Treasury bills of about 7.5% with standard deviation of about 20%. To the extent that these averages approximate investor expectations for the sample period, what must have been the coefficient of risk aversion of the average investor

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