1. where d?(0) denotes the change in total lifetime utility, d? S (0) denotes the change in the static component, and d? D (0) is the change in the dynamic component. All parameters are set at their benchmark values in columns (1)-(2);Notes: Using equation (1), we can derive?Uderive? derive?U (t) = ? X(t)? ? p U (t) and d?(0)
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