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here are two equally likely states; and two assets, A and B: The state-contingent payos in the next period are: S (1) S (2) A
here are two equally likely states; and two assets, A and B: The state-contingent payos in the next period are: S (1) S (2) A 10 20 B 20 10 Suppose that consumption today is c (0) = 100 and that the state-contingent consump- tion tomorrow is: c(1) c(2) 90 150
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Economics Principles and Policy
Authors: William J. Baumol, Alan S. Blinder
12th edition
978-0538453677, 538453672, 978-0538453622, 538453621, 978-0538453653
