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We discussed the intertemporal choice model in great depth. How do the following models differ from the assumptions of the intertemporal choice model? Specifically, explain

We discussed the intertemporal choice model in great depth. How do the following models differ from the assumptions of the intertemporal choice model? Specifically, explain how the models hypothesize the accumulation of savings by individuals. [6 points]

(a) Precautionary savings models.

(b) Self-control models.

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