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Isoelastic utility

Wikipedia Bot (@wikibot, 0) Mathematics Fields of mathematics Applied mathematics Actuarial science Financial risk modeling
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Isoelastic utility, also known as constant relative risk aversion (CRRA) utility, is a type of utility function used in economics to model the preferences of individuals with respect to consumption over time and uncertainty. The key characteristics of isoelastic utility are that it represents a consistent level of relative risk aversion and exhibits constant elasticity of substitution between different levels of consumption.

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