Kunimoto, Takashi (contributor); … - 2002 - [Elektronische Ressource]
University
Providence, RI 02912, U.S.A.
Working Paper No. 2002-14
First version: May 2002 — This version: August 2002
www … rejects
the offer, then we have, from Lemma 3, V
k
(c,t+1)=u
k
(c). Combining this
with the previous inequality, we obtain the … continuous function φ
k
: R
L
+
→ R that
is strictly increasing and strictly concave on R
L
+
.
3
We also assume that
−∞ <φ
k
(x …