5. Consequences of exponential period utility. Suppose we have the two-country, two- period, S state endowment setup of section 5.2 and of the N = 2 case from sec- tion 5.3. Now, however, in both Home and Foreign, agents have the exponential pe- riod utility function u(C) = exp(-yC)/y, y > 0, rather than CRRA period utility.