Wen, Yi (contributor) - 2005
Economics
Cornell University
Ithaca, NY 14853, USA
(yw57@cornell.edu)
First Version: August, 2003
This Version: March, 2004 … planner is then to solve
max
{n
t
}
E
−2
(
max
{m
t
,l
t
,s
2t
}
E
−1
(
max
{c
t
,s
1t
}
E
0
(
∞
X
t=0
β
t
[u(c
t
,θ
t
)−wl
t …
,l
t
,n
t
,s
1t
,s
2t
}
E
0
(
∞
X
t=0
β
t
[u(c
t
,θ
t
)−wl
t
−an
t
]
)
subject to
c
t
+ s
1t
= s
1t−1
+ y
1
(m
t−1
,l
t−1 …