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Suppose now you have an infinite-horizon model, = 0.9 and = 0.5. Once a person accepts a job at a wage, they remain in that

Suppose now you have an infinite-horizon model, = 0.9 and = 0.5. Once a person accepts a job at a wage, they remain in that job at that wage forever. In each period, there is a 10% chance of losing a job. Suppose that there are three possible wage offers: 4, 6, and 8

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