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=waaw (a) Show that increasing, constant and decreasing relative risk aversions imply that is respectively less than, equal to, and greater than 1 . (b)

image text in transcribed =waaw (a) Show that increasing, constant and decreasing relative risk aversions imply that is respectively less than, equal to, and greater than 1 . (b) Relate to the behavior of the proportion of wealth invested in the risky security as wealth changes. (c) Interpret the conditions in part (b) as expected payoffs on particular securities

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