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6. (Barucci & Fontana) Consider an economy with two possible states of the world, with associated probabilities of occurrence (1/2, 1/2), and a representative agent

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6. (Barucci & Fontana) Consider an economy with two possible states of the world, with associated probabilities of occurrence (1/2, 1/2), and a representative agent with expected utility function of the form 1 u (C, C1, C) = cf + 1 c c + with 0

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