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Problem 4: Budgeting Time for Chilling Consider the following constraint environment for a representative consumer living two periods and born in time period t : Time t : cy,t+st+1=tby,t,by,t+ ly,t=1, Time t+1:c0,t+1=(1+rt+1)st+1+t+1b0,t+1 b0,t+1+l0,t+1=1 4.1. Incorporate the time constraints [1b] and [2b] into the budget constraints [1a] and [2a], respectively, and then derive the LBC such that lifetime spending on stuff and chilling time equals lifetime real labour income. 4.2. Provide economic interpretations for the real prices of ly,t and lo,t+1 in the LBC derived in (4.1)..

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Problem 4: Budgeting Time for Chilling Consider the following constraint environment for a representative consumer living two periods and born in time period t : Time t : cy,t+st+1=tby,t,by,t+ ly,t=1, Time t+1:c0,t+1=(1+rt+1)st+1+t+1b0,t+1 b0,t+1+l0,t+1=1 4.1. Incorporate the time constraints [1b] and [2b] into the budget constraints [1a] and [2a], respectively, and then derive the LBC such that lifetime spending on stuff and chilling time equals lifetime real labour income. 4.2. Provide economic interpretations for the real prices of ly,t and lo,t+1 in the LBC derived in (4.1).

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  • 1. Problem 4: Budgeting Time for Chilling Consider the following constraint environment for a representative consumer living two periods and born in time period t : Time t : cy,t+st+1=tby,t,by,t+ ly,t=1, Time t+1:c0,t+1=(1+rt+1)st+1+t+1b0,t+1 b0,t+1+l0,t+1=1 4.1. Incorporate the time constraints [1b] and [2b] into the budget constraints [1a] and [2a], respectively, and then derive the LBC such that lifetime spending on stuff and chilling time equals lifetime real labour income. 4.2. Provide economic interpretations for the real prices of ly,t and lo,t+1 in the LBC derived in (4.1).