CAPM Derivation

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Many investors (superscript =1,2,... )
max 1 1 (actually superscript on )
Indirect utility or derived utility for th investor (or value function)
Mean-variance analysis
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-his e.uili/rium ris$ premium determination (0price1) holds for each individual asset. 2ence it
must hold for any portfolio. (hec$ the mar$et portfolio,
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