Before revision:  We find that among the class of time-varying, affine portfolio strategies, the intra-personal equilibrium does not exist when \alpha>1/2, leads to zero investment in the risky assets when \alpha<1/2, and is a portfolio insurance strategy when \alpha=1/2.
After revision:  We find that among the class of time-varying, affine portfolio strategies, the intra-personal equilibrium does not exist or there is no investment in the risky assets when \alpha<1/2, and is a portfolio insurance strategy when \alpha=1/2.