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Catherine, a typical investor, has a time-discount factor = 0:9; a von-Neumann-Morgenstern utility function of u (c) = ln c; anendowmentof3800att=0,andzeroincomeinallstatesatt=1. After deliberation, she decides

Catherine, a typical investor, has a time-discount factor = 0:9; a von-Neumann-Morgenstern utility function of u (c) = ln c; anendowmentof3800att=0,andzeroincomeinallstatesatt=1. After deliberation, she decides to hold the following portfolio

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