  This note will extend the research presented in Brown & Rogers (2009) to the
case of CRRA agents. We consider the model outlined in that paper in which
agents had diverse beliefs about the dividends produced by a risky asset. We
now assume that the agents all have CRRA utility, with some integer coefficient
of relative risk aversion. This is a generalisation of Brown & Rogers which
considered logarithmic agents. We derive expressions for the state price
density, riskless rate, stock price and wealths of the agents. This sheds light
on the effects of risk aversion in an equilibrium with diverse beliefs.
