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i [ ` [ ehg [ ehDi k .`t7.b*7`tDi~ytn7%`t Y emi [ n
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8 8
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X Q d ei
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C
Y emi [Y [ . % .b [ A
A
8 8

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Y ig [ yirb% Y[ i [ `.g\n_feh_ [ b [ inM
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i [ y [ .emi [ ny5n Y igre [ Di [ Y izemi`yD_>`5i
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Y igre [ i1_ [ s Y ehsehn`tDi c Y ytn Y irge [ Di [KY .miR_ [ . [ s % ~ : g\nirq.`
fg Y ing.`5g~ytn. [ i [ n Y Vngiq.`ytbK Y `5`5ytnsnv7 s`tbd{`B.*

8

e + *
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T
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h Y eh7.b`femirq Y ehbns~q [ yzqG` `tgj [ .y5n` Y izeuir` [Y g\`|ehb ?[ > `tLqfe Y 7`|e Y\k g`h.`h
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[ bb.hi
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f.}eh}e YY y [ emi`tboe|h7hi [ npVng sgn [Y `t [Y yt k i`t emb k `m
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>`5i
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Vng ! ! uuu
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e YY y [ emi`t [ iqiq.` [ [ k yt Y i [ Yk greh.y5` Y yzq.`5`m
x
8 8
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X
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g [KY ve `5g Y\[ n#U] YYk ` irqs`B.ehgreh7`5i`tg ehb k ` Y W ,
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k ` Y i [ n Y
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{ k bg`5yt` [ ` [ e k izehg\h
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irq.`ym#: @gh_ y
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s
8 8

q.`lemiboeh_yt.` [KYl[ `wa |s ~q [ yzq k.Y ` Y yzq.g`5y k g5 qs`nsi [ ehb

ytnDigrehyi [Y i7 [ ` êh.
A B u hê Y bn.e Y irq.` q [ nq.` Y i `5..*~`5Di

g`tehb m[ > emi [ n [Y b*{`5glirq.eh

Y : nglq [ nq.`5g [ .ytn7`g\`|ehb [?> emi [ n Y irq.`
32546

x
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Y iremir`_ s * n u Dem. * * B u hD
: nbbK* [ .iq.`}ehbnhg [ iq. [ irq.ìr`xwi|iq.`ns`5bK`t..`5gehm` Y eh`w a`5y5i`t
.gm.ihh u h^~qs`tq.nb [ .iq.`q. k.Y `tq.nbK Y emi~irq.` [ g g\` Y `5g emi [ n ehb k `h
q.`By k k boeui [ `ytn Y\k 7si [ n} [Y ig [ _ k i [ n Y q [ i Y irirqs`2g [ nqDiZe Y ehn`tDi Y behgn` Y i
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`t`f k g`n
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X
niq [Y _fehboem.yt`m eh. [ i [ nq.`n_sire [ Y1[ sytg`te Y[ .lsgh.i Y e Y ehn`tDi Y c [ .yth`
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irqfeuiRehg\`2 [ `5# u { q.` emb k `Be Y\Y y [ euir`t [ iqfe| [ .ey5n Y izehDiRy5n

Yk 7si [ n u Vng` `5 g [Y X d i B u nDnsZhi`{irq.emiirq [KY b` `5b [YY\k _ Y izehDi [ ehbb
q [ hq.`tg{iqfeh * * 2 u nD [ lirqs` ytnDirgehy5i~s`tg [ `5 [ pfehgjies ~q [ yzqleuw [ m[ > ` Y irq.`
b`5..`tg5c Y sgh.i Y : [ k g\` .bKhi Y iq.`^nsi [ ehbytnDigreh yi|>`w %`tyir`t.gm.i Y ehs_.eh.
_fehbeh.yt`RVhg~iq.`h.`5lb`t s.`tg Vngiq [Y [ [ i [ ehb ehb k ` B u hDns
1>
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/.
n Y\[ .`5gBiq.`7Vhbb* [ . `5g Y\[ nh yzq.`tg\boehmhizesc Y .`tbE q.`h.à`5g [ k i [ b [ i
k .yi [ h [KY _7, X 6 X {~q.`5g` , qs`}`5..*~`5Di
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X
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X= *
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T
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=

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xs# |{7t>|{|#z%>.

BDCFEHGI5JLKNM
w `tgy [Y `K*e
xH
n Y\k i [ h [KY ig [ _ k i [ n
0.9
0.8
0.7
t=1
0.6
0.5
t=3
0.4
0.3
t=5
t=10
0.2
t=25
0.1
t=100
0
10
12
14
16
18
20
22
24
26
ytn Y irg e [ Di~Vngehn`5Di2 [ bKb#.` `tgZ_ [ s U eh. [ Dir`5g.g\`5i @ e Y irq.` [ [ k emb k `

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irqs`tg` [KY e [ `ty5`~haiq.` \ VgnDi [ `tg`tehyzq7a [ DiUha~q [ yzq Y emi [ f` Y >
~q.`5iq.`tgU
eh.

@

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irq.6
` @emg`5iBVg\nDi [ `tgirgehyt`5l k i [ fehgji_ Y\k yzqliqfemi [K[ iq.`fehg\i [ y [ femi [ nhs` [ iq.`tg
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O *`tg
T
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8 8
[ k g`^ Yk 7ehg [m> ` Y iq.`^fg Y iB}femg\i Y Vng

u n q.`7emirbeh_yt.` [Y
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QPR c
xs# |{7t>|{|#z%>.
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B CFEHGI5JTSUM ws`5gy [Y `GK*_

D
@ghsi Y ehsêh.êhbeh.yt` [
>`t.s`tgtc Y @Ug\h.i Y
n Yk si [ nM@gn [ Y `t X i [ b [ in

nDirgremy5iRiqfemiSew [ [m> ` Y i q.`S}ns`5
12
1.68
Promised Utility
Consumption
11
10
9
8
1.7
1.72
7
6
10
15
Income
20
25
1.74
10
15
Income
20
25
45
3.5
44
3
Bank Balance
Expected Profit of Money Lender
43
42
41
40
39
x 10
2.5
2
1.5
1
0.5
10
15
Income
20
25
20
40
60
80
100
Time
[ [ ie Y~Y q.*~ [ `w `5gy [KY `7 sU qfemi [Y .irq.`fehgji [ y [ .emi [ nvytn Y irge [ Di Y n#c:iZ_ [ .
eh.q.`tsytìrq.`.g\n [KY `5 k i [ b [ i [ ` Y {h#ci.`5`tir7_a` yzq.eh.n`5#
u h eh.iq.`tg\` [Y .vg`5 [ n
: [ k g` Y peh.l.bKhi1iq.` Y em`hgreh.qVhg
[ iq@y5nsb`5i` [ Y\k grehsyt`h q.`ts` `5glnsèhhT
`tD i|c Y y5n Y irgre [ Di7_ [ . Y iq.`.boehs.`tg
[ .y5g`te Y ` Y irq.` Y iryzqfe Y i [ y Z`5 [Y q [ ` [ nqDih>iqfemi emn`tDi|WVR.`Rehn`tDitc Y y5n Y irgre [ Di [ bKb
ehbK{e| Y _ [ .#
1>
zfu7uBh80X(uxhcxZY/[\/\|
xs# |{7t>|{|#z%>.
x
BDCFEHGI5J^]5M w `tg\y [KY ` *{y n Y\k i [ h#l@gn [Y `t X i [ b [ in@Ug\h

êm.^{ehboehsyt` [ nDirgremy5iirq.emiW_ [ ` YW` `tg\"@Ug\h.i Y ri S}ns`5
[ i Y eh.y
>`t.s`tg
14.5
1.4
1.41
13.5
Promised Utility
Consumption
14
13
12.5
12
10
15
Income
20
25
1.45
20
20
Bank Balance
1.43
1.44
11.5
11
1.42
3
4
5
6
7
10
15
Income
20
25
40
60
80
100
10
15
Income
20
25
120
20
40
60
80
100
Time
.q `tg\` [KY eBytn7aì [ i [ ` Y %hilehg\hìVngboem_angUembK{e* Y e e [ boeh_sb`{i`|emyzqph>eBytnDi [

k.k h{hgh`5g Y ehyzqvngm`tg [KY `ts.*{`5 [ irqpns` k [ ihbeh_ahg`tehyzqva`5g [ liqfemi
q.` Yk .sb [ ` Y [ .`5boe Y i [ y|ehbKbKir{hg` [ irqs`tga`5geh.`5ibKVhg=hirq.`y5n.ehD=ng `tehyzq
a`5g [ [ ep.` ns`%`tg [ \n_ [ irqs` Y %hi boem_angehgm`5i| q.`ng\h`tg5c Y .g\ k y
i [ [ i [ 7` [ irq.`5giq.` Y %hi{beh_%nglemghì{hg [ irqirq.`ytn7fehD [Y eh [ [ #n`5..*~`5Di
.gyt` YY irqfeui [Y [KY irg [ _ k ir`t}e Y
X
@gn_ + *A *

< *
xs# |{7t>|{|#z%>.
xH
BDCFEHGI5J)aM
w `tg\y [Y `*e
@emg`5i :
g\nDi [ `5gt
T
u D
v*
Pareto Frontier
3.4
3.5
P(v*)
P(v)
3.6
3.7
Vaut
3.8
3.9
3.9
3.8
3.7
3.6
3.5
3.4
~q.`tg\`_
eh. * [KY irq.`tiq% Y\Y[ _sb`Rehg [ fehb%.g\ k y5i~g`tehb [m> emi [ n
uuu I W irq.` Y amiehgm`5i|irq.`Z{ng\h `5g [Y fe [ *A pirq.ìrq.`1ytn7fehDnirq.`
{hgh`5g [Y `tg\`t7eRq [KY irhg\r.`5a`5..`5ife|7`tDiHb A # A\c7A ~qs`tg` c7A *A$uuu*
X
>`5i
i q.` ng/ . YY gremi` h%gì k g\lemi~q [ yzqirq.`
_aìq.`~ [Y yt k Di'ehyirngUem.
T fehI D}y|eh_%ng\g*ng1bK`t.#1 q.`{hgh`5T g y|ehs.hi _%ngg\* ng1bK`t.# qs`{hgh`5gtc Y
ytn7T
n.` %`tg [ k i [ b [ iv k .y5i [ n [KY b )d, X * X ~qs`tgèb [KY irqsà`5g [ {ehn`
Vgniq.`ytn7fehDn~q [ yzqp` k ehb Y y5n Y\k i [ h#eh.^, [KY iq.`~{ng\h`5gtc Y yt` y [ `tDim
g`5boemi [ `Zg [KY e `tg Y[ h#] Y\Yk 7`Rirq.`1fehgremìr`tg ehb k ` Y W ,
u D u D
T
xs# |{7t>|{|#z%>.

BfCFEgGI5JXhUM
w `5gy [KY `7_
@ehgìr :
gnDi [ `tg5
T
x$
u n
1.12
1.14
1.16
1.18
P(v)
1.2
1.22
1.24
1.26
1.28
1.3
=0.85
1.32
1.32
1.3
1.28 1.26 1.24 1.22

v
1.2
1.18 1.16 1.14 1.12
q.`ytn7fehD%c Y [KY y5 k Dir`5}`xws%`tyir`5.gm.i Y ehg\`

+ *A -b A
T
AFE
q.`Zng\h`tg [KY Vg\`tìr2{ehbKe|{e|Vg\n irq.`Zytn7fehDemi{iq.` Y izehgjih>ehD%`tg [ #
_ k i k.Y i iq.`t Y ize| [ irq.` Y ami boeh_%nglemghìRVng\` `5gt irq.` Y ami boeh_%nglemghì|
irq.` ngm`tgg`5yt` [ ` Y y5nDi [ k i [ n ehb k `
im
*

u

s
T
xs# |{7t>|{|#z%>.
xH
BfCFEgGI5J-j5M
w `5gy [KY `7y
@ehgìr :
gnDi [ `tg5
T
u h
17.8
17.9
=0.99
18
P(v)
18.1
18.2
18.3
18.4
18.5
18.5
18.4
18.3
18.2
18.1
18
17.9
17.8
.q `7ytn7fehDs` Y[ n Y evq [Y irngjr.`5a`5..`tDi2ytn7%`t Y emi [ nytnDirgehy5i iqfemiB k.Y i_a`

Yk.Y ize [ feh_.bK` [ `mK Y `tbK`tsVhgy [ . [ irq.`'emyt`^hirq.`ng\h`tg5c Y Vg`5`t.h ir`tDi`tg irq.`
Y %hibeh_ahgehgm`5iemiiq.`_%`t [ . [ s1h%`tg [ \x q.`q.e Y n_ Y `tg `t *A _ k i_a`Vng`
q.`g`5yt` [ ` Y irqs`%`tg [ v{ehn`m
`
îrqs` Y ` k ` Y i [ n Y g [ .7e_%`tbKb } `t``w `5gy [KY ` *s

fPa R
XY[ .<Semiboeh_
ty n7 k i`}irqs`nsi [ ehb ytnDigrehyipirqfeuilirqs`ytn7fehD `tg Y irq.`

{hgh`5gtse YY\k [ . irqfeuiiq.`~ytnDigrehyibK`|e ` Y iq.`~{ng\h`5g [ . [K `tg\`tDi_aì{`5`tpg\`5 k.Y\[ .
eh.vemytyt`5si [ .2iq.`1y5nDirgehy5it h k ir`Ziq.`1`xw a`5y5ir`5v.gm.i Y irqfemiirq.`fg `tehg Y
xs# |{7t>|{|#z%>.

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_Dv `tg [ .irq [Y y5nDirgremy5i~Vng eh [ [ i [ ehb [KY yt k Dir`t k i [ b [ iîrqfeui~` k ehb Y irq.` nsìqfemi
irq.` ngm`tg~{ k bg`5yt` [ `B_Dvg`5le [ [ sVng` `5g [ iq.` Y %hi~ehgm`5i|
>`5iirqs`2 [KY ig [ _ k i [ nh{ehn` Y irq.emi~irq.`Bfg `tg Y i [ i Y ngm`tg Y emi~i [ 7`
_a`l [ `t_D iq.`vyh#:
@gn_ b [
` A
@bhi [ iVhg s
A\ * n k ir
s |ss hns
@bKhieh`w %`ty5i`t{ehn` i`t k g`B.g\hfb`RVhg~es`5ng\h`tg5
* e YY\k 7`Biqfemi irqs`tg` [Y y5n%`5i [ i [ neh7n.^y5n7feh [ ` Y eh.Vg`5`B`5Dirg\h`5
ytn7feh [ ` Y `tDi`tg{_Dy5n%`5i [ .Vngngm`tg Y _7ge [Y\[ . [ [ i [ ehb..g\n [Y `5 k i [ b [ i2 [ irq
ir q.`vy53n?i 7 fehDn]1feh i^n k g^sgnngeh if.irqs` [ [ i [ embbK` `tbh.g\n [ Y `5 k i [ b [ i
%
iqfemi k b Y ì`w a`5y5i`tsgh.i Y Vgn iq.`Be `tgehn`5g~ng\h`tg
s
8 8
.g\n_.b`5* K|s : [ k g\` Y

.q ` Y hb k i [ nBir1iq [Y sgn_.bK`t [Y[ .`5Di [ ytehbirRirqs` Y nb k i [ n2iR
eh.Gsbhiiq.`vnsi [ ehbUytnDigrehyi7iqfemi^sgn [Y ` Y irq.`vy5n Yk si [ n
: eh. [ i Y ` nb k i [ he Y i [ `1n ` Y n#.eh.virq.`R{ehn`5`dir`t Nk k g\`.gh.b`h qs` [ [ i [ emb
.gh [KY `t k i [ b [ i iqfemiehh` Y `w %`tyir`t7.g\h.i
Y > `tg\ [Y rnhDns q.` emirbeh_.g\nngeh
[Y `xw*
1>
u2h80p^*{zfx'Duxmln/noY|
n Y\[ .`5ge bK Y `5 `5g Y\[ nh k gZi{%`tg [ .`tb _.e Y `5 k an hb`êhs

yzq.`5gbehhhiresc Y P hs Vgreh7`5ngh~qs`tgìrq.`sboeh.s`tgq.e Y . emytyt` YY iR k i Y[ s`{_%ng
g* [ s. virq [KY `ty5n.nh Yk .a Y ` irqfeuieh [ .y5n7.bìr`lemghì Y ` k.[ b [ _.g [k k bK
X
[ `Zg [Y ìeh [ Dir`5g` Y igemir`nl_%n. Y ` k emb%il %
q.*Lirqfeuiiq [Y .`5yt`tn
irgehb [m> `t k iryth` [Y[ .` y [ `tDi| qfemi [Y Y q.*irqfeui iq.`tg\`{T `xw [KY i Y eh [ syt`tDi [ `V`te Y[ _.b`
ehbbK ytemi [ niqfemi~ [ `5b Y e^q [ nq.`tg `xw ehDir` k i [ b [ iirqfehirqs`Bs`tyt`5Dirgremb [?> `t k iytn7`h
8 8
X
_aìq.` [ .y5nsb`5ièhgm`5i Y ` .k [ b [ _.g [k ">`5i
sr M~`ty|embbVg\n
T
iqfemi
*
S 8 Y \
X \

T

E X

*
r S 8 Y r
T

E X

q.`boe Y i ` k eui [ h Y e| Y iqfemi [ s [ [ k ehb Y qfe `. [ syt`tDi [ `Ri Y irhgèmi~gemir` r c>`5i
A\c7A [ '
V A =vuw 7c A 6
Aj7c A A\t7c A eh.<
p Ajtc A [
s q.` [ syt`tDi [ `V`te Y[ _.b`
ehbbK ytemi [ n l [Y .hi` y [ `tDi_a`5y|e k.Y `1irqs`tg``w [KY i Y eh.hiq.`tg [ syt`tDi [ `V`te Y[ _.b`
ehbbK ytemi [ niqfemigre [KY ` Y `xw ehDir` k i [ b [ i_Dg`5 [Y irg [ _ k i [ .RVg\nq [ nq [ .y5n`~emn`tDi Y ir
b* [ sytn7` ehh`tDi Y
>`5i iq.`y|em. [ .emir`{ehbbK ytemi [ n Y emi [Y y x X
X {z5n~q.`tg\`
z
X{eh. x X X
X X }| z Y 7iqfemi`w ehDir` k i [ b [ i [KY k .yzqfehsn`t#
] Yk y [ `5 ibK Y ehbb~zyteh ^_a`V k . Y\k yzqîrqfeui irq.èhn`tDi [ irq [ .yth` Y izeuir` qfe Y
>`5i lqp_
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xs# |{7t>|{|#z%>.
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B CFEHGI5JM ws`5gy [Y ` e
D
@ghsi Y ehsêh.êhbeh.yt` [
>`t.s`tgtc Y @Ug\h.i Y
n Y\k i [ h#[@gn [ Y `t X i [ b [ in

nDirgremy5iRiqfemiSew [ [m> ` Y i q.`S}ns`5
12
1.68
Promised Utility
Consumption
11
10
9
8
1.7
1.72
7
5
10
15
Income
20
25
1.74
45
10
15
Income
20
25
8000
44
6000
Bank Balance
43
42
41
4000
2000
40
39
10
15
Income
20
25
20
40
60
80
100
Time
. [ .yt`5i [ `{irRb [ `.*~ir Y izemi` l P irq.` emn`tDi YY i [ bbqfe ` s [ .y5`tDi [ `{i Y ing`
k ..`5gRirq.`y|eh. [ femi`êhbKby|emi [ n#6^{`5y|e k.Y `hUirq.`y5n.yte [ ihiq.` k i [ b [ iv k .y5i [ n
z %L|s z q [Y g\`tboews` Y irq.`{g` Y k g\yt`~ytn Y irge [ Dit G[ iqirq.` `xwirgre g\` Y k gy5` Y e e [ boem_.b`m
irq.`yteh. [ femir`BehbKby|emi [ ny|eh Y ig [ y5irb [ .g\ ` k %niq.`BehbbK ytemi [ n [ sb [ `5p_Dvirq.`
[ .y5n7.bìr`Rehgm`5i Y ` k.[ b [ _.g [k
1>
-zfu7uBh80X(uxh>lz
o zfh|a's*80
xs# |{7t>|{|#z%>.

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w `tg\y [KY `7
z
h Yk 7si [ n [Y irg [ _ k i [ n
0.9
0.8
CDF for Consumption
0.7
0.6
t=1
0.5
t=3
0.4
t=5
0.3
t=10
0.2
t=25
0.1
t=100
6
10
12
14
16
Income
18
20
22
24
n Y\[ .`5g2irqs`l q.ne Y hggrembb`t [ g\n.7`tDiêm. .`5.hi` 8 V irqs`l.`5 Y[ imirq./.`

[ [ #D`ts.*~`5i.g\ y5` YY ~q.`5g` _a`5bn. Y iBiq.` [Y ytgìr` Y `5ih`t..*~7`tDibK` `tb Y
X
X
X uuu * ^ qs`7h.à`5g [ k i [ b [ i k .y5i [ n [KY 2 ),
~q.`tg\`, % 2eh. * %&% s
[Y ytgì m[ > `îrq.` Y ìh{irgrem Y V`5g Y eh.irq.` Y `5ihy5nDi [ k emi [ n ehb k ` Ye `
e YY\k 7`lirqfeuiirqs`l [KY ytg\`5i` Y ì * Zhi [ y5ìrq.emi [ irq iq.`lns`l%`tg [
k i [ b [ i2 k sy5i [ neh_a `hirq.`~.beh..`5gy5 k bK.` `5g`xw igrehyi{7ng\ìrqfeh * Vgh irq.`
ehn`5itR`t.hi` 8 * k irqs`\ [ Di~.`t Y[ ip `tg * irqfemi iq.`.boem..`tg `5g Y irq.`
q.`7qfe Y `tg\`t_a`5 [ . [ .h{a`5g [ .gh [KY `t
ehn`5iB ~q.g`5angji Y eh.ir~q.n
iq.`.boehs.`tgUyzq. Y ` Y e Y ì{m#yth. [ i [ n.ehb
em.l`tehyzq
ehb k ` : ng`tehyzq

I
I
.gh_feh_ [ b [ b [ i` Y 8 * k ir Y eui [Y pirqs_
` ^`tbbKlemp` k emi [ n
S
euw
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TQ
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BDCFEHGI5J-5M
w `tgy [Y `K
y
ehn``5 k g`@gh.b`
12
11.5
Wage
11
10.5
10
9.5
10
20
30
40
Yk _\`ty5iirîq.` VnbbK [ .y5n Y igr e [ Di Y

S

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*s
S
ô
8
* k
8
8
*r
*r

50
Tenure
60
70
80
90
100

S
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'2
T
ô

S
*s 8 * k x
V
T

t '8
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8 ' 8 I * k t *r
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Y igre [ i Y ehs ehg\`Bg\` Y irg [ y5i [ n Y [ % Y `tv_D virq.`be* Y h.g\n_feh_ [ b [ in
* Un.` Y ir`5nirqs`^`tbbKlem` k emi [ n [KY eb [ .`tehg

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X
X
X

em. * *
: irqs` Y èhg\`.`5Demi [ ` k _%`tg Y Y
*
V
X X
5
2

4
6
5
2

4
6
2
5
2

4
6
i

: ng{iq.` Y `
*
*
]1b Y Y `s
u ehs

254
6
2
2546
2
2
2
2546
fehgehìr`5g ehb k ` Y y5n k ir`~irq.`Znsi [ ehb.ythigrehyi_DVng k boemi [ .eBb [ .`|ehgU.g\nngeh
Vng n.` Y ir`t}nvirq.
` ^{`5bbKlehl` k emi [ n#.iq.`t [ i`tgemi [ .iryth `tg\n`t.y5`n [ it
Y
Zhi [ y5`Rirq.` VnbKb* [ ..gn_.eh_ [ b [ i7boe|
w
e
@Ug\n_ AL*A X rO
A k *A
A*w A X r' A
= 8
e w *A X r
@g\n_ *A X k *A

P w j 8
=
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A k *A

8 e AL*A X rO A u

}
@b`|e Y ` k.Y `Rirq.` Y `Beh.vhiq.`tg sgn_fem_ [ b [ iboe| Y i^ytn7 k i"
` @Ug\n_ + *A X k *A q.*
q.*@i ytn7 k i

` @gn_ A De Y\Yk [ .eR [ `5 [ [ i [ embsgn [Y `t ehb k ` * c
] YY\k 7`
irqfeui *< n7 k irèhs.bKhy
i A\
Vng^ | *n
@gn_ {A
k ehb [ izemi [ `tbKh*q.*.~irqs` Y ` [Y irg [ _ k i [ n Y ytn7fehg\` [ irqirqs Y `Vng>irqs` Y\[ 7.b` [ bboemn`
eh.ns`5Gb`5..`5g}7 s`tbR [ iqs [ Vngemi [ nL.g\n_.b`5 eh.n.` Y[ .`tboehyzLm
ytn7 [ ir7`tDi
8 8

q.` h_n\`tyi [ `1 k .yi [ npehsehbbyth Y igre [ i Y ehg\`Rb [ .`|emg [ lirqs`1.g\n_feh_ [ b [ i [ ` Y q [Y

lemh` Y iq [Y .g\n_.b`5 [ i7eb [ .`tehg.g\nngeh [ s.gh_.b`5}
qs`Bsgnngehb [ ..g\nn `w # Y nb ` Y irq.`.g\n_.b`5}
q.`.g\n_feh_ [ b [ iboe| Y Vngp eh.Gyehgèhb Y y5n k ir`5 [ 'o///y
q.` k sytn. [ i [ nfehbU [KY ig [ _ k i [ n `tgy5n Yk si [ nemi2i [ 7`7i [Y n_sire [ .`5_D.g Y i
ytn7 k i [ .piq.`î a`5g [ irgeh Y\[ i [ n.g\n_feh_ [ b [ i [ ` Y VngRiq.`.gh [KY `t k i [ b [ i [ ` Y ehs
k bi [ sbK [ .irqs Y `R [ irqpirqs` .gn_.eh_ [ b [ i7 [KY irg [ _ k i [ hl `5g ytn Y\k 7si [ n Y iremir` Y y5n
[ i [ n.ehbnv {A k *A
q.` Yk ytyt` YY\ [ `lytn Y\k 7si [ ny5s5c Y ehg`7 [ .virvirqs`bK`5i| `5g27ng\èmn`tDi Y

ehg`1g`ty5` [ [ .eb*Gy5n Yk si [ nembby|eui [ h# q.` g`te Y n [KY irq.emi .g\n [KY `5 k i [ b [ i [ ` Y
ehg`1q.`|ehs`t Y k irq [ liq.`R q.hle Y nggehb%.`tbE vythigre Y i| [ lirqs` [ bbehn`~b`5..`tg
`ty5n.nh iq.`Ryth Yk 7si [ np [Y ig [ _ k i [ n7ytn `5gn` Y ` `5Di k ehbKbK7_%`tyth` Y .`th`t.`5gremi`
~q.`tlehbbsehn`5i Y q.e `~n_size [ .`5iq.`~q [ hq.` Y i [ .yth` [Y ig [ _ k i [ n#Q
@gn [Y `t k i [ b [ i [ ` Y
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b S}.`tb
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Y hSn.`5>`5..`tg [ B qsnle Y
Profits to Money Lender in TW Economy

290
285
P(v)
280
275
270
265
0.2
0.1
v
n Y\[ .`5 geh`ty5n./n. 2 [ ~q [ yzq`|ehyzqh{ii %` Y hqs k.Y `5q.nbK Y q.e Y .g`V`tg`5.yt` Y
`tg Y irg`teh Y he Y[ .nb`1n liqfemi~ehg\`Rng\.`tg\`t_D = AFC E A {A ~q.`5g` c
X
X
Vng, lem.
1,
eh. % : T ngz % }ehs s
T [ iqv
I ehp`5..*~`5Di Y ig`|em X A z [ l` `5
q. k.Y `tq.hb Y m>i %` emg`1`5..*`tv
k _%`tg`5}%`tg [ Y ehs X A
-z [ v.v k _%`tg`5}%`tg [ Y k.Y `tq.hb Y hi%`

` k ehb Y )
}z [ ` `t %`tg [ Y ehs z
~eh`5..*~`5Di Y irg\`|eh h Y A irqfeui

[ <.@%`tg [ Y < q.`5g`}ehg`` k ehb~ k _a`5g Y hZirq.`viia` Y mRq. ksY `tqsnb# : ng
ytn `t [ `t.y5`hn k y|eh}e Y\Yk 7` irqfemi~iq.`tg\` [KY n.`h`|ehyzqia`Bhq. k.Y `tq.hb#
] Y\Yk 7`Biqfemi u , fem.z u
T
xs# |{7t>|{|#z%>.

BDCFEHGI5J}KNKNM w `tg\y [KY ` |_
i [ n `tg~ [ `
hb k i [ npm
\
h Yk 7si [ n [KY irg [ _ k
Evolution of Consumption CDF over time

1
0.9
t=2
t=200
t=2000
0.8
0.7
F(c )
0.6
0.5
0.4
0.3
0.2
0.1
0
10
15
20
Consumption
h
ehbbairq.`5
ir `
izehg\2 b`
`5b Y h [KY y5 k Dir`5 k i [ b [ i V ngiq.`{i i %` Y m aqs k.Y `5q.nbK Y

em.sg [ y5` Y `5g
` e YY\k 7`~iqfemi
n7 k ir` iq.` ytn7%`5i [ i [ `` ks[ b [ _.g [Kk IehbbK ytemi [ n
irq.`5g`2ehg` s`5sVngy5`t7`tDi.gh_.b`5 Y
k
e ku
\ eh.
n k ir`Birq.`2 [Y yt k Di`t k i [ b [ ilip`|emyzqq. k.Y `tq.hb}Vhgiq.`y5n%`5i [ i [ `` ks[ b [ _

g K[ k ehbKby|emi [ nR`5.hir` iq.`t Vng!

xs# |{7t>|{|#z%>.

`tg [ pirq.emiZiq.`Bytn7aì [ i [ `` k.[ b [ _.g [k ehbbK ytemi [ n [KY .mi Y `tb`t Vngy [ . [ irq.`
Y `5 Y `{iqfemiemi`|ehyzq % s Y n7`q. k.Y `tq.nbK Y k bK.g\`5V`tge k irehgDirirq.`ytn7%`5i [ i [ `
` k.[ b [ _sg [k ehbKby|emi [ n
Z*e YY\k 7`Rirqfemiirq.`5g` emg`R`5sVngy5`t7`tDi .g\n_.bK`t Y _%`ty|e k.Y èmi{irq.`R_%`t [ . [ .m
`|ehyzq^%`tg [ #h`tehyzq^q. ksY `tqsnbyteh^g`5.`th`ny5nDirgremy5i Y eh.hiq.`tg Y y [ ehbehggeh.n7`tDi Y
[ iq<iq.` ytn Y ` k `5.ytìrqfeui [ ig`5yt` [ ` Y iq.è k irehg [ ypehbbK ytemi [ nVg\n iqfemi%`tg [
n# >`5i
_%`}iq.` [Y y5 k Dir`5 k i [ b [ iemii [ 7` h y5n Y\k `5&
g !\ : ng\ k boeuir`virq.`
ytn Yk 7si [ n Y 7hirq [ ..g\n_.bK`t he.boehs.`tg{~qs{ehDi Y i^leuw [ m[ > ` X Yk n_ \`tyi
ir Y x Yteh.yth Y igre [ i Y irqfemiiq.``w .g` YY irqfemiiq.èhbbK ytemi [ n k.Y i7_a` Y `5bK
`tsVhgy [ ..
O : [ .eh@` y [ `tDi Y `tb `t Vngy [ .ehbKby|emi [ nm1irqs`}%`tg [ [ ypVng\ X A l>
qs`tg`ythi emi n i b i ` maiq.` iemn`tDi
eh. Y

~
'> Y 'y > [bKuboemuiu `_%`5i `t A `5p i{ ' > eh~>b k ` Y l>u ehuu.u h k [ir` k > [ n7k [ k [ i`1[ Y [KY y5 k Dir`5 k i [ b [ i [ ` YY
u
Vngirq.`Zehn`5Di~q.2g`5yt` [ ` Y z [ ^ iq.`Z%`tg [ 7eh.
Vngirq.`Zehn`5Di~q.2g`5yt` [ ` Y
z [ pirq.`%`tg [

@bhiy5n Yk si [ nfemiq Y Vngîrq.`viehh`tDi Y Vng [ e k irehgDn [K[ y5nsb`5i`vlemg
hì Y [ iq. k i~`5sVngy5`t7`tDi~.g\n_.b`5 Y [K[[ y5nsb`5i`Rehgm`5i Y [ irqpiq.``tsVng\yt`5`5i
ytn Y irge [ Dit
@bKhi~ytnDi [ k emi [ n k i [ b [ i [ ` Y Vhgirq.` ilehh`tDi Y Vngirqs` Y eh7ìq.g`5`BehbbKO
y|emi [ n Y n7`5Di~niq.`t
n k ir`vns` %`tg [ ng\ YY[ Dir`tg\` Y igremi` Y[ irq.`py5n7.bìr`pehgm`5i^`5ytnsn [ ` Y
[ iqehs} [ iq. k i`5sVngy5`t7`tDiZytn Y irge [ Di Y
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b=3
b = 3.3333
b = 3.6667
b=4
0.096
0.094
0.092
0.09
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0.086
0.084
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Cumulative Distribution of skill levels

1
Dirac
Tent
Uniform
cdf
0.8
0.6
0.4
0.2
0
8
10
11
12
13
14
15
h
Aggregate unemployment level
0.086
Dirac
Tent
Uniform
U(b)
0.084
0.082
0.08
0.078
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Cumulative Distribution of skill levels

1
cdf
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0.6
Dirac
Tent
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0.4
0.2
0
0
10
20
30
40
50
60
70
80
90
100
h
Aggregate unemployment level
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Tent
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0.2
0.18
0.16
15
15.5
16
16.5
17
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= 0.55
= 0.7
0.095
Unemployment rate: worker h1 previously h1

0.02
0.015
0.09
0.01
1.6
1.7
1.8
1.9
2
Unemployment rate: hworker h previously h
0.085
0.04
0.08
0.035
0.03
0.025
0.02
1.6
1.7
1.8
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Recursive Macroeconomic Theory - Solution Manual

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