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Consider two investors: Michael is an 80-year-old retiree with a risk aversion parameter of 5. Miranda is a 30-year-old engineer with a risk aversion parameter

Consider two investors: Michael is an 80-year-old retiree with a risk aversion parameter of 5. Miranda is a 30-year-old engineer with a risk aversion parameter of 3. There is a risk-free investment wi...

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