There are 100 identical individuals on an island. At date 0, each individual has 1 dollar. 50 of them are early consumers and they would like to…
There are 100 identical individuals on an island. At date 0, each individual has 1 dollar. 50 of them are early consumers and they would like to consume at date 1. The rest are late consumers who would like to consume at date 2. Individuals learn whether they are early or later consumers only at date 1. That is, at date 0, each individual only […]
