= Constant market price of risk investment
{title2=$\mu(x)-r=\sigma(x)\kappa$}
When the <market price of risk> is constant and nonzero <spot volatility> gives access to the driving <Brownian motion>, changes in volatility only rescale the dollar holding needed for fixed <Brownian portfolio exposures>. With unrestricted holdings and constant interest and discount rates, the <CRRA utility> value is consequently independent of the factor state. Zero volatility requires separate treatment.
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