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Investor utility is represented by: U = E(R) A2 . There are two investors with different risk aversion coefficients (A). Angela has a risk aversion

Investor utility is represented by: U = E(R) A2 . There are two investors with different risk aversion coefficients (A). Angela has a risk aversion coefficient of 6 and Boris has a risk aversion coefficient of 2. Calculate the expected utility for both investors if they invested solely in each industry. Which industries does each investor prefer? What are the reasons for their preference?

Date COND CONS ENGY HC INDU IT MATL TELE UTIL FIN RE

31/01/2017 -0.0430 -0.0104 0.0072 0.0456 -0.0441 -0.0418 0.0477 -0.0168 0.0108 -0.0205 -0.0460

28/02/2017 0.0151 0.0602 -0.0213 0.0390 0.0341 0.0185 -0.0319 -0.0314 0.0307 0.0413 0.0433

31/03/2017 0.0473 0.0547 0.0433 0.0560 0.0435 0.0363 0.0022 0.0028 0.0628 0.0389 0.0095

28/04/2017 0.0070 -0.0253 -0.0055 0.0340 0.0409 0.0352 -0.0025 -0.0948 0.0308 0.0191 0.0249

31/05/2017 -0.0032 -0.0044 0.0152 -0.0238 0.0469 0.0022 -0.0024 0.0338 0.0100 -0.0771 -0.0075

30/06/2017 0.0087 -0.0243 -0.0684 0.0608 -0.0025 0.0188 0.0063 -0.0166 -0.0269 0.0167 -0.0413

31/07/2017 -0.0063 0.0097 0.0062 -0.0750 -0.0274 -0.0049 0.0348 -0.0421 -0.0528 0.0125 -0.0017

31/08/2017 -0.0154 0.0517 0.0518 0.0025 0.0457 0.0099 0.0452 -0.0720 0.0322 -0.0212 0.0137

29/09/2017 -0.0006 -0.0187 0.0112 0.0227 -0.0111 0.0060 -0.0138 -0.0446 -0.0364 0.0111 0.0119

31/10/2017 0.0544 0.0534 0.0641 0.0548 0.0418 0.0844 0.0444 0.0235 0.0496 0.0326 0.0132

30/11/2017 0.0087 0.0324 0.0433 0.0296 0.0221 0.0450 0.0201 -0.0158 0.0298 0.0000 0.0474

29/12/2017 0.0368 0.0167 0.0652 -0.0048 -0.0095 0.0294 0.0611 0.0546 -0.0448 0.0042 0.0038

31/01/2018 -0.0020 0.0021 -0.0028 0.0311 -0.0201 0.0249 0.0046 0.0077 -0.0435 -0.0074 -0.0323

28/02/2018 -0.0119 0.0210 -0.0375 0.0696 -0.0037 0.0166 0.0037 -0.0620 -0.0159 0.0064 -0.0187

30/03/2018 -0.0226 -0.0135 -0.0249 -0.0332 -0.0114 -0.0219 -0.0424 -0.0620 -0.0075 -0.0585 -0.0013

30/04/2018 0.0295 0.0574 0.1072 0.0719 0.0308 0.0276 0.0744 0.0194 0.0216 0.0011 0.0410

31/05/2018 0.0527 0.0000 0.0041 0.0545 0.0124 0.0203 0.0197 -0.1005 0.0103 -0.0006 0.0301

29/06/2018 0.0209 0.0594 0.0774 0.0250 0.0064 0.0590 0.0165 -0.0549 0.0591 0.0399 0.0256

31/07/2018 0.0175 -0.0088 0.0118 0.0223 0.0316 -0.0112 -0.0025 0.0759 -0.0143 0.0204 0.0099

31/08/2018 0.0359 0.0264 -0.0122 0.1042 0.0326 0.1221 -0.0486 0.1302 0.0061 0.0005 0.0261

28/09/2018 -0.0383 -0.0267 0.0427 -0.0730 -0.0215 -0.0065 0.0406 0.0266 -0.0310 -0.0222 -0.0186

31/10/2018 -0.0834 -0.0490 -0.1028 -0.0725 -0.0529 -0.1137 -0.0518 -0.0744 -0.0403 -0.0602 -0.0380

30/11/2018 -0.0453 -0.0292 -0.1068 -0.0397 -0.0060 0.0099 -0.0475 -0.0314 -0.0176 0.0141 -0.0259

31/12/2018 -0.0194 0.0120 -0.0220 0.0272 -0.0029 -0.0408 0.0513 -0.0505 0.0277 -0.0313 0.0107

31/01/2019 0.0428 0.0273 0.1146 0.0391 0.0338 0.0882 0.0697 0.0766 0.0592 -0.0025 0.0585

28/02/2019 0.0669 -0.0139 0.0784 0.0133 0.0644 0.0748 0.0640 0.0435 0.0403 0.0907 0.0219

29/03/2019 0.0139 0.0368 -0.0415 0.0131 0.0198 0.0255 0.0340 0.0377 0.0132 -0.0262 0.0541

30/04/2019 0.0546 0.0733 0.0155 0.0314 0.0315 0.0735 -0.0205 0.0244 -0.0049 0.0440 -0.0167

31/05/2019 0.0204 -0.0416 -0.0380 0.0354 0.0025 -0.0312 0.0311 0.0715 -0.0062 0.0262 0.0258

28/06/2019 -0.0151 0.0292 0.0217 0.0442 0.0555 0.0105 0.0617 0.0224 0.0308 0.0342 0.0324

31/07/2019 0.0475 0.0959 0.0149 0.0596 0.0335 0.0511 0.0117 0.0276 0.0185 0.0177 0.0319

30/08/2019 0.0064 0.0010 -0.0562 0.0343 -0.0250 0.0067 -0.0734 -0.0321 -0.0224 -0.0258 0.0240

30/09/2019 0.0333 0.0174 0.0446 -0.0215 -0.0013 0.0011 0.0295 -0.0285 0.0201 0.0423 -0.0229

31/10/2019 0.0055 -0.0224 0.0031 0.0727 0.0289 -0.0319 -0.0176 -0.0139 0.0123 -0.0288 0.0177

29/11/2019 0.0422 0.0810 0.0729 0.0881 0.0397 0.1055 0.0444 0.0722 -0.0053 -0.0201 0.0233

31/12/2019 -0.0221 -0.0775 -0.0138 -0.0266 -0.0305 -0.0389 0.0182 -0.0546 0.0078 -0.0156 -0.0448

31/01/2020 0.0427 0.0781 0.0057 0.1201 0.0186 0.1024 0.0163 0.0765 0.0098 0.0474 0.0600

28/02/2020 -0.0874 -0.0740 -0.1742 -0.0395 -0.0841 -0.1631 -0.1169 -0.0878 -0.0396 -0.0492 -0.0449

31/03/2020 -0.2642 -0.0355 -0.3764 -0.0564 -0.2301 -0.1758 -0.1325 -0.1536 -0.0674 -0.2770 -0.3558

30/04/2020 0.1644 0.0259 0.2521 0.0487 0.1282 0.2184 0.1437 0.0484 0.0323 0.0289 0.1412

29/05/2020 0.0690 -0.0049 0.0474 -0.0510 0.0381 0.1431 0.0839 0.0852 0.0305 0.0535 0.0706

30/06/2020 0.0506 0.0475 -0.0212 0.0339 -0.0157 0.0370 0.0217 -0.0032 0.0085 0.0434 -0.0145

31/07/2020 0.0288 0.0323 -0.0626 -0.0384 -0.0380 0.0484 0.0591 0.0350 -0.0023 -0.0102 -0.0010

31/08/2020 0.0971 -0.0031 0.0342 0.0402 0.0462 0.1515 0.0116 -0.0377 -0.0480 0.0135 0.0761

30/09/2020 -0.0242 -0.0658 -0.1074 0.0082 -0.0032 -0.0639 -0.0286 -0.0211 -0.0332 -0.0613 -0.0134

30/10/2020 0.0107 0.0456 -0.0097 0.0096 -0.0348 0.0858 -0.0105 -0.0073 -0.0149 0.0627 0.0029

30/11/2020 0.0843 -0.0066 0.2824 0.0289 0.1198 0.0414 0.0766 0.1435 0.0147 0.1612 0.1323

31/12/2020 0.0139 0.0221 -0.0069 -0.0469 -0.0218 0.0857 0.0877 -0.0068 -0.0538 -0.0050 0.0012

29/01/2021 0.0478 0.0202 0.0096 -0.0170 -0.0307 0.0020 -0.0100 0.0255 -0.0009 0.0226 -0.0428

26/02/2021 -0.0262 -0.0450 0.0250 -0.0282 -0.0184 -0.0802 0.0706 0.0038 -0.0802 0.0515 -0.0146

31/03/2021 0.0668 0.0274 -0.0022 0.0243 0.0344 -0.0267 -0.0307 0.0587 0.0681 0.0429 0.0556

30/04/2021 0.0344 -0.0237 -0.0468 0.0287 0.0415 0.0979 0.0748 0.0304 -0.0116 0.0320 0.0278

31/05/2021 0.0316 0.0237 -0.0154 0.0347 -0.0112 -0.0910 0.0179 0.0206 -0.0662 0.0565 0.0147

30/06/2021 0.0453 0.0543 0.0415 0.0214 0.0310 0.1236 0.0008 0.0563 0.0345 -0.0018 0.0481

30/07/2021 -0.0055 0.0150 -0.0241 0.0111 0.0409 -0.0636 0.0706 -0.0148 0.0160 -0.0142 0.0085

31/08/2021 0.0334 0.0679 -0.0376 0.0662 0.0252 0.1619 -0.0692 0.0550 0.0097 0.0492 0.0604

30/09/2021 -0.0042 -0.0358 0.1500 -0.0476 -0.0041 -0.0370 -0.0926 0.0128 0.0250 0.0155 -0.0215

29/10/2021 0.0060 -0.0231 -0.0189 0.0087 -0.0318 0.0243 0.0015 -0.0087 -0.0063 0.0083 0.0037

30/11/2021 -0.0147 0.0413 -0.0776 0.0148 0.0054 -0.0111 0.0598 0.0466 0.0388 -0.0690 0.0371

31/12/2021 0.0106 -0.0228 0.0218 -0.0221 0.0385 -0.0579 0.0618 0.0071 0.0792 0.0426 0.0495

31/01/2022 -0.0919 -0.0958 0.0752 -0.1213 -0.0764 -0.1709 0.0040 -0.0796 0.0256 -0.0660 -0.0945

28/02/2022 -0.0501 0.0536 0.0843 -0.0024 0.0077 -0.0684 0.0514 -0.0213 0.0341 0.0300 0.0175

31/03/2022 0.0385 0.0444 0.1008 0.0254 0.0473 0.1175 0.0913 0.0496 0.0759 0.0851 0.0168

29/04/2022 -0.0347 0.0336 0.0248 0.0233 0.0300 -0.0986 -0.0397 -0.0023 0.0933 0.0004 0.0099

31/05/2022 -0.0553 -0.0655 -0.0070 -0.0119 -0.0099 -0.0795 -0.0030 -0.0674 -0.0019 -0.0225 -0.0874

30/06/2022 -0.0746 0.0022 -0.0059 -0.0324 -0.0479 -0.1116 -0.1286 -0.0393 -0.0679 -0.1191 -0.1057

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Previous Question Next Question

Date	COND	CONS	ENGY	HC	INDU	IT	MATL	TELE	UTIL	FIN	RE
31/01/2017	-0.0430	-0.0104	0.0072	0.0456	-0.0441	-0.0418	0.0477	-0.0168	0.0108	-0.0205	-0.0460
28/02/2017	0.0151	0.0602	-0.0213	0.0390	0.0341	0.0185	-0.0319	-0.0314	0.0307	0.0413	0.0433
31/03/2017	0.0473	0.0547	0.0433	0.0560	0.0435	0.0363	0.0022	0.0028	0.0628	0.0389	0.0095
28/04/2017	0.0070	-0.0253	-0.0055	0.0340	0.0409	0.0352	-0.0025	-0.0948	0.0308	0.0191	0.0249
31/05/2017	-0.0032	-0.0044	0.0152	-0.0238	0.0469	0.0022	-0.0024	0.0338	0.0100	-0.0771	-0.0075
30/06/2017	0.0087	-0.0243	-0.0684	0.0608	-0.0025	0.0188	0.0063	-0.0166	-0.0269	0.0167	-0.0413
31/07/2017	-0.0063	0.0097	0.0062	-0.0750	-0.0274	-0.0049	0.0348	-0.0421	-0.0528	0.0125	-0.0017
31/08/2017	-0.0154	0.0517	0.0518	0.0025	0.0457	0.0099	0.0452	-0.0720	0.0322	-0.0212	0.0137
29/09/2017	-0.0006	-0.0187	0.0112	0.0227	-0.0111	0.0060	-0.0138	-0.0446	-0.0364	0.0111	0.0119
31/10/2017	0.0544	0.0534	0.0641	0.0548	0.0418	0.0844	0.0444	0.0235	0.0496	0.0326	0.0132
30/11/2017	0.0087	0.0324	0.0433	0.0296	0.0221	0.0450	0.0201	-0.0158	0.0298	0.0000	0.0474
29/12/2017	0.0368	0.0167	0.0652	-0.0048	-0.0095	0.0294	0.0611	0.0546	-0.0448	0.0042	0.0038
31/01/2018	-0.0020	0.0021	-0.0028	0.0311	-0.0201	0.0249	0.0046	0.0077	-0.0435	-0.0074	-0.0323
28/02/2018	-0.0119	0.0210	-0.0375	0.0696	-0.0037	0.0166	0.0037	-0.0620	-0.0159	0.0064	-0.0187
30/03/2018	-0.0226	-0.0135	-0.0249	-0.0332	-0.0114	-0.0219	-0.0424	-0.0620	-0.0075	-0.0585	-0.0013
30/04/2018	0.0295	0.0574	0.1072	0.0719	0.0308	0.0276	0.0744	0.0194	0.0216	0.0011	0.0410
31/05/2018	0.0527	0.0000	0.0041	0.0545	0.0124	0.0203	0.0197	-0.1005	0.0103	-0.0006	0.0301
29/06/2018	0.0209	0.0594	0.0774	0.0250	0.0064	0.0590	0.0165	-0.0549	0.0591	0.0399	0.0256
31/07/2018	0.0175	-0.0088	0.0118	0.0223	0.0316	-0.0112	-0.0025	0.0759	-0.0143	0.0204	0.0099
31/08/2018	0.0359	0.0264	-0.0122	0.1042	0.0326	0.1221	-0.0486	0.1302	0.0061	0.0005	0.0261
28/09/2018	-0.0383	-0.0267	0.0427	-0.0730	-0.0215	-0.0065	0.0406	0.0266	-0.0310	-0.0222	-0.0186
31/10/2018	-0.0834	-0.0490	-0.1028	-0.0725	-0.0529	-0.1137	-0.0518	-0.0744	-0.0403	-0.0602	-0.0380
30/11/2018	-0.0453	-0.0292	-0.1068	-0.0397	-0.0060	0.0099	-0.0475	-0.0314	-0.0176	0.0141	-0.0259
31/12/2018	-0.0194	0.0120	-0.0220	0.0272	-0.0029	-0.0408	0.0513	-0.0505	0.0277	-0.0313	0.0107
31/01/2019	0.0428	0.0273	0.1146	0.0391	0.0338	0.0882	0.0697	0.0766	0.0592	-0.0025	0.0585
28/02/2019	0.0669	-0.0139	0.0784	0.0133	0.0644	0.0748	0.0640	0.0435	0.0403	0.0907	0.0219
29/03/2019	0.0139	0.0368	-0.0415	0.0131	0.0198	0.0255	0.0340	0.0377	0.0132	-0.0262	0.0541
30/04/2019	0.0546	0.0733	0.0155	0.0314	0.0315	0.0735	-0.0205	0.0244	-0.0049	0.0440	-0.0167
31/05/2019	0.0204	-0.0416	-0.0380	0.0354	0.0025	-0.0312	0.0311	0.0715	-0.0062	0.0262	0.0258
28/06/2019	-0.0151	0.0292	0.0217	0.0442	0.0555	0.0105	0.0617	0.0224	0.0308	0.0342	0.0324
31/07/2019	0.0475	0.0959	0.0149	0.0596	0.0335	0.0511	0.0117	0.0276	0.0185	0.0177	0.0319
30/08/2019	0.0064	0.0010	-0.0562	0.0343	-0.0250	0.0067	-0.0734	-0.0321	-0.0224	-0.0258	0.0240
30/09/2019	0.0333	0.0174	0.0446	-0.0215	-0.0013	0.0011	0.0295	-0.0285	0.0201	0.0423	-0.0229
31/10/2019	0.0055	-0.0224	0.0031	0.0727	0.0289	-0.0319	-0.0176	-0.0139	0.0123	-0.0288	0.0177
29/11/2019	0.0422	0.0810	0.0729	0.0881	0.0397	0.1055	0.0444	0.0722	-0.0053	-0.0201	0.0233
31/12/2019	-0.0221	-0.0775	-0.0138	-0.0266	-0.0305	-0.0389	0.0182	-0.0546	0.0078	-0.0156	-0.0448
31/01/2020	0.0427	0.0781	0.0057	0.1201	0.0186	0.1024	0.0163	0.0765	0.0098	0.0474	0.0600
28/02/2020	-0.0874	-0.0740	-0.1742	-0.0395	-0.0841	-0.1631	-0.1169	-0.0878	-0.0396	-0.0492	-0.0449
31/03/2020	-0.2642	-0.0355	-0.3764	-0.0564	-0.2301	-0.1758	-0.1325	-0.1536	-0.0674	-0.2770	-0.3558
30/04/2020	0.1644	0.0259	0.2521	0.0487	0.1282	0.2184	0.1437	0.0484	0.0323	0.0289	0.1412
29/05/2020	0.0690	-0.0049	0.0474	-0.0510	0.0381	0.1431	0.0839	0.0852	0.0305	0.0535	0.0706
30/06/2020	0.0506	0.0475	-0.0212	0.0339	-0.0157	0.0370	0.0217	-0.0032	0.0085	0.0434	-0.0145
31/07/2020	0.0288	0.0323	-0.0626	-0.0384	-0.0380	0.0484	0.0591	0.0350	-0.0023	-0.0102	-0.0010
31/08/2020	0.0971	-0.0031	0.0342	0.0402	0.0462	0.1515	0.0116	-0.0377	-0.0480	0.0135	0.0761
30/09/2020	-0.0242	-0.0658	-0.1074	0.0082	-0.0032	-0.0639	-0.0286	-0.0211	-0.0332	-0.0613	-0.0134
30/10/2020	0.0107	0.0456	-0.0097	0.0096	-0.0348	0.0858	-0.0105	-0.0073	-0.0149	0.0627	0.0029
30/11/2020	0.0843	-0.0066	0.2824	0.0289	0.1198	0.0414	0.0766	0.1435	0.0147	0.1612	0.1323
31/12/2020	0.0139	0.0221	-0.0069	-0.0469	-0.0218	0.0857	0.0877	-0.0068	-0.0538	-0.0050	0.0012
29/01/2021	0.0478	0.0202	0.0096	-0.0170	-0.0307	0.0020	-0.0100	0.0255	-0.0009	0.0226	-0.0428
26/02/2021	-0.0262	-0.0450	0.0250	-0.0282	-0.0184	-0.0802	0.0706	0.0038	-0.0802	0.0515	-0.0146
31/03/2021	0.0668	0.0274	-0.0022	0.0243	0.0344	-0.0267	-0.0307	0.0587	0.0681	0.0429	0.0556
30/04/2021	0.0344	-0.0237	-0.0468	0.0287	0.0415	0.0979	0.0748	0.0304	-0.0116	0.0320	0.0278
31/05/2021	0.0316	0.0237	-0.0154	0.0347	-0.0112	-0.0910	0.0179	0.0206	-0.0662	0.0565	0.0147
30/06/2021	0.0453	0.0543	0.0415	0.0214	0.0310	0.1236	0.0008	0.0563	0.0345	-0.0018	0.0481
30/07/2021	-0.0055	0.0150	-0.0241	0.0111	0.0409	-0.0636	0.0706	-0.0148	0.0160	-0.0142	0.0085
31/08/2021	0.0334	0.0679	-0.0376	0.0662	0.0252	0.1619	-0.0692	0.0550	0.0097	0.0492	0.0604
30/09/2021	-0.0042	-0.0358	0.1500	-0.0476	-0.0041	-0.0370	-0.0926	0.0128	0.0250	0.0155	-0.0215
29/10/2021	0.0060	-0.0231	-0.0189	0.0087	-0.0318	0.0243	0.0015	-0.0087	-0.0063	0.0083	0.0037
30/11/2021	-0.0147	0.0413	-0.0776	0.0148	0.0054	-0.0111	0.0598	0.0466	0.0388	-0.0690	0.0371
31/12/2021	0.0106	-0.0228	0.0218	-0.0221	0.0385	-0.0579	0.0618	0.0071	0.0792	0.0426	0.0495
31/01/2022	-0.0919	-0.0958	0.0752	-0.1213	-0.0764	-0.1709	0.0040	-0.0796	0.0256	-0.0660	-0.0945
28/02/2022	-0.0501	0.0536	0.0843	-0.0024	0.0077	-0.0684	0.0514	-0.0213	0.0341	0.0300	0.0175
31/03/2022	0.0385	0.0444	0.1008	0.0254	0.0473	0.1175	0.0913	0.0496	0.0759	0.0851	0.0168
29/04/2022	-0.0347	0.0336	0.0248	0.0233	0.0300	-0.0986	-0.0397	-0.0023	0.0933	0.0004	0.0099
31/05/2022	-0.0553	-0.0655	-0.0070	-0.0119	-0.0099	-0.0795	-0.0030	-0.0674	-0.0019	-0.0225	-0.0874
30/06/2022	-0.0746	0.0022	-0.0059	-0.0324	-0.0479	-0.1116	-0.1286	-0.0393	-0.0679	-0.1191	-0.1057