Sep 28, 2017 term paper 2

FOR THE UTILITY FUNCTION U = LOG(Y): A. SHOW THAT THE COINCIDENT OF RELATIVE RISK AVERSION IS.

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For the utility function U = log(Y):

a. Show that the coincident of relative risk aversion

is constant (where U’ and U” denote the first and second derivative of U with respect to Y, respectively). b. Show that the proportion of income not declared, X/Y , is independent of Y for a consumer with this utility function.



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