Table 3. Saha's argument on the NLMS model
____DRRA |
CRRA |
_____IRRA | |
DARA |
θ > 1, θ > γ |
θ > 1, θ = γ |
θ > 1, θ < γ |
CARA |
θ=1, θ>γ |
θ=1, θ=γ |
θ=1, θ<γ |
IARA |
θ<1,θ>γ |
θ<1, θ=γ |
θ<1,θ<γ |
Source: Saha (1997)
Table 4. Reconsideration of the NLMS model
_____DRRA |
CRRA |
_____IRRA | |
DARA |
Not applicable |
Not applicable |
Not applicable |
CARA |
Not feasible |
Not feasible |
θ=1, θ<γ |
IARA |
Not feasible |
Not feasible |
θ<1,1≤γ |
Table 5. Form (15) and the corresponding types of risk aversion
_____DRRA____ |
CRRA |
_____IRRA | |
DARA |
Not applicable |
1 < δ = η |
1 < δ < η |
CARA |
Not feasible |
Not feasible |
1=δ<η |
IARA |
______Not feasible |
Not feasible |
Not applicable |
33
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