[3] Consider a two-consumer, infinite horizon economy. Consumers can buy and sell claims on consumption x; in period i = 1,2, 3, ... at unit price pi. Consumer J units of the consumption good in period i A, B owns w; 1, 2, 3, .., and her utility from consumption path (x{, x3, x{,..) is Bi-lu" (x{_1) = u' (x{) + Bu' (x) + Bu' (xz) + .. , i=1 where 0