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

Table 1

The optimal policy with liability and affine interest rate.

	HARA utility	Power utility	Exponential utility	Logarithm utility
Stock	26.6064	26.6049	0.390775	31.8627
Bond	37.8308	37.8343	99.4978	24.7162
Cash	35.5629	35.5608	0.111445	43.4211