Portfolio Selection with Liability and Affine Interest Rate in the HARA Utility Framework

Table 2

The optimal policy only with affine interest rate.

	HARA utility	Power utility	Exponential utility	Logarithm utility
Stock	26.3173	26.3158	0.0749854	31.5789
Bond	38.3303	38.3338	100.06	25.2023
Cash	35.3525	35.3504	−0.134829	43.2187