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Assume that there is a cake whose size at time t is denoted by st and a person who wants to eat in T periods.

Assume that there is a cake whose size at time t is denoted by st and a person who wants to eat in T periods. The initial size of the cake s0(a positive constant) and the person needs to eat all, sT = 0. The person has a psychological discount factor 0

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Assume that there is a cake whose size at time t is denoted by s and a person who wants to eat in T periods. The initial size of the cake so(a positive constant) and the person needs to eat all, ST = 0. The person has a psychological discount factor 0

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