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An expected utility maximizing individual has utility of eno-of-period wealth given by
u(W)= W^(1-y)-1, if y is not equal to 1ln(W), if y=1
1. Show that this individual has constant relative risk aversion and decreasing absolute risk aversion.
2. Consider the special case where y=2. Suppose that this individual is endowed with an initial wealth, Wo but his end of period wealth is subject to random income shock given as follows
$y, with probably p$0, with probability 1-p
where 0<p<1
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