3. Uncertain lifetimes and infinite horizons. One way to motivate an infinite individual planning horizon is to
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3. Uncertain lifetimes and infinite horizons. One way to motivate an infinite individual planning horizon is to assume that lives, while finite in length, have an uncertain terminal date. In this case, the terminal period + 7 of section 2.1.1 becomes a random variable. Let E,U, denote the individual's expected utility over all possible lengths of life, that is, the weighted average over different life spans with weights equal to survival probabilities. Assume that individuals maximize expected utility.
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