Aronsson, Thomas; Koskela, Erkki - 2009
(1)
where c denotes consumption when young, x consumption when old and z leisure when
young (when old, all time …,,1
,
,1 ,1 ,1 ,1
ˆˆˆ()[]
1
nt nt x nt nt z nt nttt
nt nt nt ncx ncx
nt nt nt nt nt
nt nst st
nst
nt nt nt nt
u ulr MRS MRS
r …