Michael has a $1M endowment. He can borrow or lend from a bank at 20%....
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Michael has a $M endowment. He can borrow or lend from a bank at He allocates wealth between youth and old age. What should he do He can go on a trip around the world and then live in poverty when he's older He can go on a smaller trip have a moderate lifestyle in his youth spending $ M and still have $M for when he's old He can put all of his money in a bank and go on an even better trip when he's older $M
Michael has a $M endowment. He can borrow or lend from a bank at He allocates wealth between youth and old age. What should he do He can go on a trip around the world and then live in poverty when he's older He can go on a smaller trip have a moderate lifestyle in his youth spending $ M and still have $M for when he's old He can put all of his money in a bank and go on an even better trip when he's older $M
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