The so-called risk-free rate essentially measures the investors':

Name: The so-called risk-free rate essentially measures the investors':
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The risk-free rate is not related to investors' risk aversion or preference, but it measures their time preference, i.e., how much compensation they require for delaying consumption or future investments. It represents the minimum expected rate of return that an investor can earn with zero risk, such as investing in government bonds or treasury bills.

The So-Called Risk-Free Rate Essentially Measures the Investors