RDP 2006-06: Ageing, Retirement and Savings: A General Equilibrium Analysis Equation (1)

max ∑ s = 1 T β s − 1 ( 1 1 − ρ c s , t + s − 1 1 − ρ + v ( s , T ) 1 1 − ρ l s , t + s − 1 1 − ρ ) MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaciyBaiaacg gacaGG4bWaaabCaeaacqaHYoGydaahaaWcbeqaaiaadohacqGHsisl caaIXaaaaaqaaiaadohacqGH9aqpcaaIXaaabaGaamivaaqdcqGHri s5aOWaaeWaaeaadaWcaaqaaiaaigdaaeaacaaIXaGaeyOeI0IaeqyW dihaaiaadogadaqhaaWcbaGaam4CaiaacYcacaWG0bGaey4kaSIaam 4CaiabgkHiTiaaigdaaeaacaaIXaGaeyOeI0IaeqyWdihaaOGaey4k aSIaamODamaabmaabaGaam4CaiaacYcacaWGubaacaGLOaGaayzkaa WaaSaaaeaacaaIXaaabaGaaGymaiabgkHiTiabeg8aYbaacaWGSbWa a0baaSqaaiaadohacaGGSaGaamiDaiabgUcaRiaadohacqGHsislca aIXaaabaGaaGymaiabgkHiTiabeg8aYbaaaOGaayjkaiaawMcaaaaa @683E@