Abstract: We consider consumption-investment problems in which investors' risk preferences vary over time and across states. The framework encompasses deterministic time-varying risk aversion as well as stochastic risk aversion, both when the underlying preference process is observable and when it is not. While directly aggregating utility functions is mathematically convenient and yields globally optimal strategies, its economic interpretation is less compelling. In contrast, aggregation through certainty equivalents provides a more natural economic foundation but gives rise to time inconsistency, requiring equilibrium rather than optimal solutions. We present solution structures for these different settings, drawing on six research papers developed between 2011 and 2026.