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1) when the partial by-product is evaluated on the equilibrium path. In this subsection I contrast this MPC with its analog for illiquid belongings. At first glance it isn’t clear tips on how to finest make this comparison. I will consider two approaches. Proposition three. Fix a consumption sport in which inequality A1 is strictly glad. Let ct(Rt xt1, Rt zt1) symbolize the equilibrium consumption strategy of self t. Then, ct 0 ∀t 2, ( Rt zt 1 ) when the partial by-product is evaluated on the equilibrium path. This end result is no surprise, since on the equilibrium path the person at all times faces a self-imposed liquidity constraint. Small perturbations to the illiquid asset inventory aren’t enough toAmazing vintage wooden weed all over printed winter boots cease the current self’s liquidity constraint from being binding. A more interesting query to ask is how a perturbation to zt1 affects the choice of xt. Recall that liquid belongings set aside at time t will be fully consumed at time t 1. Unfortunately, the value of xt /(Rt zt1) can tackle any worth between zero and one. For example, the partial by-product is equal to zero if the equilibrium worth of xt is the same as zero. The partial derivative is equal to unity if t is the penultimate period of the sport. It can be helpful to develop an MPC
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