RDP 2013-08: International Business Cycles with Complete Markets
Equation
Λ
j
(
s
t
)
=
u
1
(
c
j
(
s
t
)
,
h
j
(
s
t
−
1
)
,
n
j
(
s
t
)
)
+
β
∑
s
t
+
1
∈
S
π
(
s
t
+
1
|
s
t
)
u
2
(
c
j
(
s
t
,
s
t
+
1
)
,
h
j
(
s
t
)
,
n
j
(
s
t
,
s
t
+
1
)
)
,
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@8AEB@