Before revision:  The results show that the calculated value of the coefficient of relative risk aversion is 2.201455 which is compatible with the empirical studies and as investors who invest in risk-free asset place disutility on the not sure wealth value, investors who invest in equity place utility on the not sure wealth value .
After revision:  The results show that the calculated value of the coefficient of relative risk aversion is 1.033526 by assuming the value of the subjective time discount factor as 0.99. Since these values are compatible with the empirical studies and as investors who invest in risk-free asset place disutility on the not sure wealth value, investors who invest in equity place utility on the not sure wealth value .