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In CAPM, what determines the market risk premium average risk aversion or risk aversion of any given investor? If the market risk premium is set

In CAPM, what determines the market risk premium average risk aversion or risk aversion of any given investor? If the market risk premium is set to fairly compensate an investor with the average level of risk aversion, then what should an investor with a lower than average level of risk aversion do? What about an investor with a higher that average level of risk aversion

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