Figures
Figures 1 to 3 depict in the upper graph the shares of claims bought by
the three investors in equilibrium for different levels of aggregate supply
of claims, X. The fat (thin) curve in the lower graph depicts the implied
(approximated) aggregate RRA with respect to X. (γ) denotes the assumed
vector of the constant RRA of the three investors, (1 /λ) denotes the vector
of weights attached to these investors by the social planner.
Figure 1: (γ) = (5; 3; 1) and 1 /λ = (1; 3/5; 1)
29
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