On the Existence and Representation of Equilibrium in an Economy with Growth and Nonstationary Consumption (Classic Reprint)

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Excerpt from On the Existence and Representation of Equilibrium in an Economy With Growth and Nonstationary ConsumptionThe parameter 0 measures the curvature of the utility function. When a 1, the utility function is defined to be the logarithmic function, which is the limit of the above function as 0 approaches one.We assume that there is one productive unit producing the perishable consumption good and there is one equity share that is competitively traded. Since only one productive unit is considered, the return on this share of equity is also the return on the market. The firm's output is constrained to be less than or equal to yt. It is the firm's dividend payment in period t as well.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.