Table 2.

Task with real payments.

Amount invested	Dividend	Low pay-off	High pay-off	Expected return	Standard deviation	Implied CRRA range	Mid-point CRRA
0	0	3000	3000	3000	0	2.00 $<r$	2
500	1250	2500	3750	3125	625	0.67 $<r<$ 2.00	1.33
1000	2500	2000	4500	3250	1250	0.39 $<r<$ 0.67	0.53
1500	3750	1500	5250	3375	1875	0.67 $<r<$ 0.27	0.33
2000	5000	1000	6000	3500	2500	0.27 $<r<$ 0.19	0.23
2500	6250	500	6750	3625	3125	0.19 $<r<$ 0.11	0.15
3000	7500	0	7500	3750	3750	$r<$ 0.11	0.11

Notes: CRRA stands for constant relative risk aversion.