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2. (Lehr #7.5) . Time-consistent Terri and naive Nash have preferences over an infinite sequence of daily payoffs (uy, uy, u,, ... ) given by

2. (Lehr #7.5) . Time-consistent Terri and naive Nash have preferences over an infinite sequence of daily payoffs (uy, uy, u,, ... ) given by U (g, thyy thy..; B) = 14y + zk "W =1 where = 0.9999 is a daily discount factor, f = 1 for Terri and f

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