t the propensity to consume the resource good. Maximizing U t in (9) subject to the budget constraint (8) yields
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1 ISB Innaonal Confn on Issus n Busnss onoms Mang an Mamas (IBMM-6) Sngapo Busnss Cls Capal nvonmn an Rnabl Rsous W-Bn Zang Rsuman Asa Paf Unvs Bppu-s Japan Absa: Ts pap nfs busnss ls n a nam onom mol nognous psal apal polluon an nabl sous popos b Zang () T mol sbs a nam npnn among psal aumulaon nvonmnal nams sou ang an vson of labo n ompv mas un govnmn s nvnon n nvonmnal poon T fn onom suu mas possbl o su naons among onom vaabls a no foun n sng lau of onoms n a sngl analal famo moonom founaon Ts su gnals Zang s mol b allong all m-pnn paams o b m-pnn os: busnss ls nabl sou avsng nvonmnal ang apal aumulaon Inouon Ts pap nfs busnss ls n a nam onom mol nognous psal apal polluon an nabl sous popos b Zang [] Ts su amps o pov ano onbuon o lau b nfng onom fluuaons n an onom go mol b Zang [] T pap s ogan as follos Son gnals Zang s mol Son sos o solv nams an smulas mol Son 4 smulas mol o monsa busnss ls u o som po sos on onom ssm Son 5 onlus su T Bas Mol Ts son s bul on Zang [] b allong all m-pnn paams o b m-pnn T onom as sos an on govnmn ( olls as fo nvonmnal poon) T sos a pouon nvonmnal an nabl sou sos Housols on asss of onom an sbu noms o onsum an sav Pouon sos o fms us labo an apal as npus angs a pla n pfl ompv mas W assum a omognous an f populaon T labo fo s sbu among sos W sl ommo o sv as numa L an s spf as san fo spvl labo an psal apal npus T pouon funon A A an a posv paams H A s a funon of nvonmnal qual masu b lvl of polluon T magnal onons a gvn b / / () s gvn paon a of psal apal an L san fo so of sou L () s f a a san fo mamum ps://oog/7758/rpubirh66 98
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5 5 Conlusons Ts pap nf busnss ls n a nam onom mol nognous psal apal polluon an nabl sous popos b Zang [] 6 Appn T appn sos lmma om () an (5) an (5) oban (A) om m n an / j j j j Ins (A) n n (8) (A) Ins (A) an () n () A A (A) om fnon of Y av p Y (A6) us () an Ins (8) n (A6) Y (A7) also us () an (5) om (A7) Y an / av (A8) Subsung p n () no (6) ls: p Ins (8) n p (A9) also us () an (5) om (A9) an / av (A) / om (A) (A8) an (A) solv (A) Subsung (A) no (A) an g (A) ps://oog/7758/rpubirh66
6 Solv (A) (A) I s sagfoa o a pov ompuaonal pou n lmma om () an (5) av / p Ins s quaon n p (A4) also us om () an (A) av A (A5) Ins (A5) n (A4) (A6) also us (A) an (A) Insng (A) n (A6) solv as a funon of an as follos (A7) om () an (6) av (A8) o no gv pssons of an as pssons a ous om (A7) av (A9) Mulplng o ss of () an usng s ŷ oban (A) om (A9) an (A) onlu poof (A) 7 Anolgmns T auo s gaful fo fnanal suppo fom Gans-n-A fo Snf Rsa (C) Poj o 5846 Japan So fo Pomoon of Sn 8 Rfns [] WB Zang A nam naon among apal nvonmn an nabl sous nvonmn an sou pols n a -so go mol Malasan Jounal of onom Sus Vol 49 pp -9 ps://oog/7758/rpubirh66
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