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4. [3] Consider a two-consumer, infinite horizon economy. Consumers can buy and sell claims on consumption z; in period i = 1,2,3,... at unit

 

4. [3] Consider a two-consumer, infinite horizon economy. Consumers can buy and sell claims on consumption z; in period i = 1,2,3,... at unit price p. Consumer J = A, B owns w/ units of the consumption good in period i = 1,2,3,..., and her utility from consumption path (...) is [18u(x{_-1) = u(x4) + 13u(x) + 1u (2) + - + where 0 1 is consumers' discount factor. Define a competitive equilibrium for this economy.

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