Consider an infinitely-lived agent
choosing a control variable (c) in each period (t)
to maximize an intertemporal objective: P
where u(ct) represents the flow payoff in t,
and first and second derivatives of u
are
d u > 0, d2 u < 0,
and the discount factor β is 0 < β < 1.
and first and second derivatives of u
are
d u > 0, d2 u < 0,
and the discount factor β is 0 < β < 1.
obviously to be fun and humanoidal in its approximations
The agent must face a present-value budget constraint...blah blah blah
ya you might consider this immortal agent to be ....well
infinte living seems quite a luxury in itself
would this agent really be impatient ??
seems likely
β =0
and then what follows ????
i'm just horsing around here
there are OGM's after all
and if an agent has an optimal bequeath at time of personal termination
hey its all good
we can model that
ask ole oak hearted mr wheel barro
ya you might consider this immortal agent to be ....well
infinte living seems quite a luxury in itself
would this agent really be impatient ??
seems likely
β =0
and then what follows ????
i'm just horsing around here
there are OGM's after all
and if an agent has an optimal bequeath at time of personal termination
hey its all good
we can model that
ask ole oak hearted mr wheel barro
