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PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28

and taking (226-4) into account.

(227-4)

i-p dY,
I, v cpr
0 Ye d(i-p) Y.

Noting that, according to (226-6) and for e(t) considered as
given, we have

(227-5)

1 day, 1 adv
v2 d(i-p) 1 d{i-p)

we find

~ avy L A
(227-6 Ce + [=e L-p ÿ
2778) (1-Yp) (1-72) TY aio) |

Real Consumed Income

228. From (223-6) and (223-7) we have

228-1)

_f!
e /. p(u)du
L e(t-0,0)!

"p(u)durLe(0)
(2 (u)du-Lk[1')-i°6+LB(8)

i1| Allais - pag. go