Mutual fund separation theorem suggests all investors should hold the same risky portfolio,while advisors always recommend different portfolio for different kind of investor.In order to characterize this puzzle,one possible way is to include the labor income,but the academy haven't solve such a model,especially with unhedgeable income.Such kind of incomplete market makes trouble.Here we'll resolve this problem with CRRA utility by means of duality to transform the constrained problem into uncons...