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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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