RDP 2006-06: Ageing, Retirement and Savings: A General Equilibrium Analysis Equation (5)

\begin{array}{l} c_{s + 1, t + s} = {(β R_{t + s})}^{1 / ρ} c_{s, t + s - 1} & s = 1, 2, \dots, T - 1 \end{array}