Consider a two-period, two- country, endowment economy. Let one of the countries be the United
States (U) and the other Europe (E). Households in the United States have preferences described
by the utility function
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Consider a two-period, two- country, endowment economy. Let one of the countries be the United
States (U) and the other Europe (E). Households in the United States have preferences described
by the utility function
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