varies rw. If we take reln = 0.2 we have three possibilities to hit this value: for αF = 0.6,
relY = 1.0 and rw = 0.75; for αF = 0.5 either relY = 1.0 and rw = 0.47 or relY = 1.5
and rw = 0.9. In the estimation we choose priors of rw = 0.75, relY = 1.0, αF = 0.6 and
αI = 0.8.
Figure 2: Calibration of rw to fit reln. αF = 0.6
Figure 3: Calibration of rw to fit reln. αF = 0.5
41
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