2.4. Assume that the instantaneous utility function u(C ) in equation (2.1) is ln C. Consider the...
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2.4. Assume that the instantaneous utility function u(C ) in equation (2.1) is ln C. Consider the problem of a household maximizing (2.1) subject to (2.6).
Find an expression for C at each time as a function of initial wealth plus the present value of labor income, the path of r (t), and the parameters of the utility function.
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