Suppose there are two states, S = {1, 2}, and that there is a trader in the market for contingent commodities, with expected utility preferences, whose MRS at the consumption bundle (4, 4) is 3. What can you say about this trader's beliefs about the two states, T(1) and Tt(2)?
Suppose there are two states, S = {1, 2}, and that there is a trader in the market for contingent commodities, with expected utility preferences, whose MRS at the consumption bundle (4, 4) is 3. What can you say about this trader's beliefs about the two states, T(1) and Tt(2)?
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