Consider the standard overlapping generations model where each generation lives for two periods
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Consider the standard overlapping generations model where each generation lives for two periods

3. Consider the standard overlapping generations model where each generation lives for two periods. The utility function of each future generation is given by


Hint
Customers starting their economic lives make their own decisions on the amount to spend on consumption and the amount save within each period in advance of them in order for them to maximize their lifetime utility. Profit-maximizing companies produce output by employing labor provided by fresh workers and capital provided through their savings...
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