Part B Consumption Smoothing Recall the basic model of consumption choice There are two periods present and future Assume households have the following lifetime utility (6) Maj )1 where u(c) E and the discount rate ,6

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Part B  Consumption Smoothing Recall the basic model of consumption choice  There are two periods  present and future  Assume households have the following lifetime utility   (6)    Maj )1 where u(c)      E and the discount rate ,6

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Part B. Consumption Smoothing Recall the basic model of consumption choice. There are two periods: present and future. Assume households have the following lifetime utility

Part B. Consumption Smoothing Recall the basic model of consumption choice. There are two periods: present and future. Assume households have the following lifetime utility \"(6) + [Maj )1 where u(c) = \\/E and the discount rate ,6

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