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2 T s− t U1 = u(c t ) + βu(c t +1) + β u(c t + 2 ) + ........ + β u(c t + T ) = ∑β u(c s )  t +T s= t

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⇒  ∆b t +1 = b t +1 − b t = q t − c t − i t − g t + rb t  ⇒  ∆b t +1 = ncf t − c t + rb t 









  


%XUDGD QFIZ  QDNLW DNร•P GHรทLรบkeni olarak รงevrilebilecek temsili bir

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ฮฒ(1 + r )r

[ฮฒ(1 + r ) โˆ’ 1] 



2







  



  

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denkleminde, optimal seviyede,

รถzel tรผketimin ( c *t  QHW UHIDK VHYL\HVL

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meydana gelmektedir. (5.3) denklemine gรถre,

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ca โˆ—t = ncfrt โˆ’ ฮ˜c โˆ—t 









   

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  QXPDUDOร• GHQNOHP RSWLPDO FDUL GHQJHQLQ รบLPGLNL ]DPDQD

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XOXVDO JHOLU Gย]H\LQGHNL  GHรทLรบPH\OH ]ร•W \|QGH KDUHNHW HGHFHรทLQL LIDGH

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