{"text_format":"1","workbook":"xlsx","n_sheets":4,"sheets":["Question 1","Question 2","Question 3","Question 4"],"not_rendered":{"charts":8,"images":0,"macros":1,"external_links":0,"defined_names":0,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Question 1","index":0,"n_rows":34,"n_cols":21,"rows_kept":34,"cut":false,"hidden":false,"merged":[]}
["YIELD / CONSUMPTION UNDER AUTARKY",null,null,null,null,"UTILITY UNDER AUTARKY",null,null,null,"CONSUMPTION / UTILITY UNDER RISK SHARING",null,null,null,null,null,null,"PARAMETERS"]
["Time Period","Yield Ridhi","Yield Neha","State (H=1, L=0)",null,"Time Period","U Ridhi Autarky","U Neha Autarky",null,"Time Period","C Ridhi","C Neha","U Ridhi RS","U Neha RS",null,null,"CES utility: U(c) = (c^(1-𝜃)-1)/(1-𝜃)"]
[1,10,10,0,0,1,{"$f":"(POWER(B3, 1-$R$4)-1)/(1-$R$4)","v":2.3052380778996162},{"$f":"(POWER(C3, 1-$T$4)-1)/(1-$T$4)","v":8.985986624850387},null,1,{"$f":"B3-D3*$T$10+(1-D3)*$T$11","v":19},{"$f":"C3+D3*$T$10-(1-D3)*$T$11","v":1},{"$f":"(POWER(B3-D3*$T$10+(1-D3)*$T$11, 1-$R$4)-1)/(1-$R$4)","v":2.9487780973285167},{"$f":"(POWER(C3+D3*$T$10-(1-D3)*$T$11, 1-$T$4)-1)/(1-$T$4)","v":0},null,null,"Ridhi parameters",null,"Neha parameters"]
[2,28,28,1,0,2,3.3377624753350124,26.933787338750172,null,2,19,37,2.9487780973285167,35.902539503130754,null,null,"𝜃:",0.999,"𝜃:",1E-3,"Toggle risk aversion (1=highly risk averse, 0=risk neutral)"]
[3,10,10,0,0,3,2.3052380778996162,8.985986624850387,null,3,19,1,2.9487780973285167,0]
[4,28,28,1,0,4,3.3377624753350124,26.933787338750172,null,4,19,37,2.9487780973285167,35.902539503130754,null,null,"yield in L:",10,null,10,"Toggle mean yield in low state"]
[5,28,28,1,1,5,3.3377624753350124,26.933787338750172,null,5,19,37,2.9487780973285167,35.902539503130754,null,null,"yield in H:",28,null,28,"Toggle mean yield in high state"]
[6,10,10,0,1,6,2.3052380778996162,8.985986624850387,null,6,19,1,2.9487780973285167,0,null,null,"notes:","U(c) ~ ln(c)","notes:","U(c) ~ c-1"]
[7,28,28,1,1,7,3.3377624753350124,26.933787338750172,null,7,19,37,2.9487780973285167,35.902539503130754,null,null,null,"very averse",null,"near neutral"]
[8,10,10,0,0,8,2.3052380778996162,8.985986624850387,null,8,19,1,2.9487780973285167,0,null,null,"Amount Ridhi gives to Neha in H:",null,null,9]
[9,10,10,0,0,9,2.3052380778996162,8.985986624850387,null,9,19,1,2.9487780973285167,0,null,null,"Amount Neha gives to Ridhi in L:",null,null,9]
[10,28,28,1,0,10,3.3377624753350124,26.933787338750172,null,10,19,37,2.9487780973285167,35.902539503130754]
[11,10,10,0,0,11,2.3052380778996162,8.985986624850387,null,11,19,1,2.9487780973285167,0,null,null,"Contents of colored boxes may be freely modified"]
[12,28,28,1,1,12,3.3377624753350124,26.933787338750172,null,12,19,37,2.9487780973285167,35.902539503130754]
[13,28,28,1,1,13,3.3377624753350124,26.933787338750172,null,13,19,37,2.9487780973285167,35.902539503130754]
[14,10,10,0,1,14,2.3052380778996162,8.985986624850387,null,14,19,1,2.9487780973285167,0]
[15,28,28,1,0,15,3.3377624753350124,26.933787338750172,null,15,19,37,2.9487780973285167,35.902539503130754]
[16,28,28,1,0,16,3.3377624753350124,26.933787338750172,null,16,19,37,2.9487780973285167,35.902539503130754,null,null,null,"Endowment Over States"]
[17,10,10,0,1,17,2.3052380778996162,8.985986624850387,null,17,19,1,2.9487780973285167,0,null,null,null,"High","Low"]
[18,28,28,1,0,18,3.3377624753350124,26.933787338750172,null,18,19,37,2.9487780973285167,35.902539503130754,null,null,"Ridhi",{"$f":"R7","v":28},{"$f":"R6","v":10},"(Mean)"]
[19,10,10,0,0,19,2.3052380778996162,8.985986624850387,null,19,19,1,2.9487780973285167,0,null,null,"Neha",{"$f":"T7","v":28},{"$f":"T6","v":10},"(Mean)"]
[20,10,10,0,0,20,2.3052380778996162,8.985986624850387,null,20,19,1,2.9487780973285167,0]
[21,10,10,0,0,21,2.3052380778996162,8.985986624850387,null,21,19,1,2.9487780973285167,0,null,null,"Percent high states",null,{"$f":"AVERAGE(D3:D32)","v":0.5}]
[22,28,28,1,0,22,3.3377624753350124,26.933787338750172,null,22,19,37,2.9487780973285167,35.902539503130754,null,null,"in this particular draw:"]
[23,28,28,1,0,23,3.3377624753350124,26.933787338750172,null,23,19,37,2.9487780973285167,35.902539503130754]
[24,28,28,1,0,24,3.3377624753350124,26.933787338750172,null,24,19,37,2.9487780973285167,35.902539503130754]
[25,10,10,0,1,25,2.3052380778996162,8.985986624850387,null,25,19,1,2.9487780973285167,0,null,null,"RESULTS"]
[26,10,10,0,1,26,2.3052380778996162,8.985986624850387,null,26,19,1,2.9487780973285167,0,null,null,null,"IN 30 PERIOD SIMULATION",null,"IN EXPECTATION"]
[27,10,10,0,1,27,2.3052380778996162,8.985986624850387,null,27,19,1,2.9487780973285167,0,null,null,null,"AUTARKY","R. SHARING","AUTARKY","R. SHARING"]
[28,10,10,0,0,28,2.3052380778996162,8.985986624850387,null,28,19,1,2.9487780973285167,0,null,null,"Mean U Ridhi",{"$f":"AVERAGE(G3:G32)","v":2.8215002766173143},{"$f":"AVERAGE(M3:M32)","v":2.9487780973285154},{"$f":"1/2*((R6^(1-R4)-1)/(1-R4)+(R7^(1-R4)-1)/(1-R4))","v":2.8215002766173143},{"$f":"1/2*(((R6+T11)^(1-R4)-1)/(1-R4)+((R7-T10)^(1-R4)-1)/(1-R4))","v":2.9487780973285167}]
[29,28,28,1,0,29,3.3377624753350124,26.933787338750172,null,29,19,37,2.9487780973285167,35.902539503130754,null,null,"Mean U Neha",{"$f":"AVERAGE(H3:H32)","v":17.959886981800285},{"$f":"AVERAGE(N3:N32)","v":17.951269751565373},{"$f":"1/2*((T6^(1-T4)-1)/(1-T4)+(T7^(1-T4)-1)/(1-T4))","v":17.959886981800281},{"$f":"1/2*(((T6-T11)^(1-T4)-1)/(1-T4)+((T7+T10)^(1-T4)-1)/(1-T4))","v":17.951269751565377}]
[30,28,28,1,1,30,3.3377624753350124,26.933787338750172,null,30,19,37,2.9487780973285167,35.902539503130754]
[]
[null,null,null,null,null,null,"GRAPHS"]

{"sheet":"Question 2","index":1,"n_rows":34,"n_cols":21,"rows_kept":34,"cut":false,"hidden":false,"merged":[]}
["YIELD",null,null,null,null,"UTILITY UNDER AUTARKY",null,null,null,"CONSUMPTION / UTILITY UNDER RISK SHARING",null,null,null,null,null,null,"PARAMETERS"]
["Time Period","Yield Ridhi","Yield Neha","State (H=1, L=0)",null,"Time Period","U Ridhi Autarky","U Neha Autarky",null,"Time Period","C Ridhi","C Neha","U Ridhi RS","U Neha RS",null,null,"CES utility: U(c) = (c^(1-𝜃)-1)/(1-𝜃)"]
[1,28,28,1,null,1,{"$f":"(POWER(B3, 1-$T$4)-1)/(1-$T$4)","v":3.3377624753350124},{"$f":"(POWER(C3, 1-$T$4)-1)/(1-$T$4)","v":3.3377624753350124},null,1,{"$f":"B3-D3*$T$10+(1-D3)*$T$11","v":19},{"$f":"C3+D3*$T$10-(1-D3)*$T$11","v":37},{"$f":"(POWER(B3-D3*$T$10+(1-D3)*$T$11, 1-$T$4)-1)/(1-$T$4)","v":2.9487780973285167},{"$f":"(POWER(C3+D3*$T$10-(1-D3)*$T$11, 1-$T$4)-1)/(1-$T$4)","v":3.6174451307817681},null,null,"Ridhi parameters",null,"Neha parameters"]
[2,28,28,1,null,2,{"$f":"(POWER(B4, 1-$T$4)-1)/(1-$T$4)","v":3.3377624753350124},3.3377624753350124,null,2,19,37,{"$f":"(POWER(B4-D4*$T$10+(1-D4)*$T$11, 1-$T$4)-1)/(1-$T$4)","v":2.9487780973285167},3.6174451307817681,null,null,"𝜃:",null,null,0.999,"Toggle risk aversion FOR BOTH Ridhi and Neha (1=highly risk averse, 0=risk neutral)"]
[3,10,10,0,null,3,2.3052380778996162,2.3052380778996162,null,3,19,1,2.9487780973285167,0]
[4,28,28,1,null,4,3.3377624753350124,3.3377624753350124,null,4,19,37,2.9487780973285167,3.6174451307817681,null,null,"yield in L:",10,null,10,"Toggle mean yield in low state"]
[5,28,28,1,null,5,3.3377624753350124,3.3377624753350124,null,5,19,37,2.9487780973285167,3.6174451307817681,null,null,"yield in H:",28,null,28,"Toggle mean yield in high state"]
[6,28,28,1,null,6,3.3377624753350124,3.3377624753350124,null,6,19,37,2.9487780973285167,3.6174451307817681,null,null,"notes:","U(c) ~ ln(c)","notes:","U(c) ~ c-1"]
[7,10,10,0,null,7,2.3052380778996162,2.3052380778996162,null,7,19,1,2.9487780973285167,0,null,null,null,"very averse",null,"near neutral"]
[8,28,28,1,null,8,3.3377624753350124,3.3377624753350124,null,8,19,37,2.9487780973285167,3.6174451307817681,null,null,"Amount Ridhi gives to Neha in H:",null,null,9]
[9,28,28,1,null,9,3.3377624753350124,3.3377624753350124,null,9,19,37,2.9487780973285167,3.6174451307817681,null,null,"Amount Neha gives to Ridhi in L:",null,null,9]
[10,10,10,0,null,10,2.3052380778996162,2.3052380778996162,null,10,19,1,2.9487780973285167,0]
[11,28,28,1,null,11,3.3377624753350124,3.3377624753350124,null,11,19,37,2.9487780973285167,3.6174451307817681]
[12,10,10,0,null,12,2.3052380778996162,2.3052380778996162,null,12,19,1,2.9487780973285167,0,null,null,"Contents of colored boxes may be freely modified"]
[13,10,10,0,null,13,2.3052380778996162,2.3052380778996162,null,13,19,1,2.9487780973285167,0]
[14,28,28,1,null,14,3.3377624753350124,3.3377624753350124,null,14,19,37,2.9487780973285167,3.6174451307817681,null,null,null,0]
[15,28,28,1,null,15,3.3377624753350124,3.3377624753350124,null,15,19,37,2.9487780973285167,3.6174451307817681,null,null,null,0]
[16,10,10,0,null,16,2.3052380778996162,2.3052380778996162,null,16,19,1,2.9487780973285167,0,null,null,null,"Endowment Over States"]
[17,28,28,1,null,17,3.3377624753350124,3.3377624753350124,null,17,19,37,2.9487780973285167,3.6174451307817681,null,null,null,"High","Low"]
[18,28,28,1,null,18,3.3377624753350124,3.3377624753350124,null,18,19,37,2.9487780973285167,3.6174451307817681,null,null,"Ridhi",{"$f":"R7","v":28},{"$f":"R6","v":10},"(Mean)"]
[19,28,28,1,null,19,3.3377624753350124,3.3377624753350124,null,19,19,37,2.9487780973285167,3.6174451307817681,null,null,"Neha",{"$f":"T7","v":28},{"$f":"T6","v":10},"(Mean)"]
[20,28,28,1,null,20,3.3377624753350124,3.3377624753350124,null,20,19,37,2.9487780973285167,3.6174451307817681]
[21,10,10,0,null,21,2.3052380778996162,2.3052380778996162,null,21,19,1,2.9487780973285167,0,null,null,"Percent high states",null,{"$f":"AVERAGE(D3:D32)","v":0.56666666666666665}]
[22,28,28,1,null,22,3.3377624753350124,3.3377624753350124,null,22,19,37,2.9487780973285167,3.6174451307817681,null,null,"in this particular draw:"]
[23,10,10,0,null,23,2.3052380778996162,2.3052380778996162,null,23,19,1,2.9487780973285167,0]
[24,10,10,0,null,24,2.3052380778996162,2.3052380778996162,null,24,19,1,2.9487780973285167,0]
[25,28,28,1,null,25,3.3377624753350124,3.3377624753350124,null,25,19,37,2.9487780973285167,3.6174451307817681,null,null,"RESULTS"]
[26,28,28,1,null,26,3.3377624753350124,3.3377624753350124,null,26,19,37,2.9487780973285167,3.6174451307817681,null,null,null,"IN 30 PERIOD SIMULATION",null,"IN EXP. with U(x) = ln(x)"]
[27,10,10,0,null,27,2.3052380778996162,2.3052380778996162,null,27,19,1,2.9487780973285167,0,null,null,null,"AUTARKY","R. SHARING","AUTARKY","R. SHARING"]
[28,10,10,0,null,28,2.3052380778996162,2.3052380778996162,null,28,19,1,2.9487780973285167,0,null,null,"Mean U Ridhi",{"$f":"AVERAGE(G3:G32)","v":2.8903352364463406},{"$f":"AVERAGE(M3:M32)","v":2.9487780973285154},{"$f":"1/2*((R6^(1-T4)-1)/(1-T4)+(R7^(1-T4)-1)/(1-T4))","v":2.8215002766173143},{"$f":"1/2*(((R6+T11)^(1-T4)-1)/(1-T4)+((R7-T10)^(1-T4)-1)/(1-T4))","v":2.9487780973285167}]
[29,10,10,0,null,29,2.3052380778996162,2.3052380778996162,null,29,19,1,2.9487780973285167,0,null,null,"Mean U Neha",{"$f":"AVERAGE(H3:H32)","v":2.8903352364463406},{"$f":"AVERAGE(N3:N32)","v":2.0498855741096684},{"$f":"1/2*((T6^(1-T4)-1)/(1-T4)+(T7^(1-T4)-1)/(1-T4))","v":2.8215002766173143},{"$f":"1/2*(((T6-T11)^(1-T4)-1)/(1-T4)+((T7+T10)^(1-T4)-1)/(1-T4))","v":1.8087225653908841}]
[30,10,10,0,null,30,2.3052380778996162,2.3052380778996162,null,30,19,1,2.9487780973285167,0]
[]
[null,null,null,null,null,null,"GRAPHS"]

{"sheet":"Question 3","index":2,"n_rows":34,"n_cols":21,"rows_kept":34,"cut":false,"hidden":false,"merged":[]}
["YIELD",null,null,null,null,null,"UTILITY UNDER AUTARKY",null,null,null,"UTILTY UNDER RISK SHARING",null,null,null,null,null,"PARAMETERS"]
["Time Period","Yield Ridhi","Yield Neha","Ridhi State","Neha State (H=1, L=0)",null,"Time Period","U Ridhi Autarky","U Neha Autarky",null,"Time Period","C Ridhi RS","C Neha RS","U Ridhi RS","U Neha RS",null,"CES utility: U(c) = (c^(1-𝜃)-1)/(1-𝜃)"]
[1,28,10,1,0,null,1,{"$f":"(POWER(B3, 1-$T$4)-1)/(1-$T$4)","v":3.3377624753350124},{"$f":"(POWER(C3, 1-$T$4)-1)/(1-$T$4)","v":2.3052380778996162},null,1,{"$f":"B3-D3*$T$10+E3*$T$11","v":22},{"$f":"C3+D3*$T$10-E3*$T$11","v":16},{"$f":"(POWER(B3-D3*$T$10+E3*$T$11, 1-$T$4)-1)/(1-$T$4)","v":3.0958246511385541},{"$f":"(POWER(C3+D3*$T$10-E3*$T$11, 1-$T$4)-1)/(1-$T$4)","v":2.7764359010777868},null,"Ridhi parameters",null,"Neha parameters"]
[2,28,10,1,0,null,2,3.3377624753350124,2.3052380778996162,null,2,{"$f":"B4-D4*$T$10+E4*$T$11","v":22},{"$f":"C4+D4*$T$10-E4*$T$11","v":16},{"$f":"(POWER(B4-D4*$T$10+E4*$T$11, 1-$T$4)-1)/(1-$T$4)","v":3.0958246511385541},{"$f":"(POWER(C4+D4*$T$10-E4*$T$11, 1-$T$4)-1)/(1-$T$4)","v":2.7764359010777868},null,"𝜃:",null,null,0.999,"Toggle risk aversion FOR BOTH Ridhi and Neha (1=highly risk averse, 0=risk neutral)"]
[3,28,28,1,1,null,3,3.3377624753350124,3.3377624753350124,null,3,29,27,3.3729715393993023,3.3012741081079846]
[4,10,28,0,1,null,4,2.3052380778996162,3.3377624753350124,null,4,17,21,2.8372306860824343,3.0491617030814462,null,"yield in L:",10,null,10,"Toggle mean yield in low state"]
[5,28,28,1,1,null,5,3.3377624753350124,3.3377624753350124,null,5,29,27,3.3729715393993023,3.3012741081079846,null,"yield in H:",28,null,28,"Toggle mean yield in high state"]
[6,10,28,0,1,null,6,2.3052380778996162,3.3377624753350124,null,6,17,21,2.8372306860824343,3.0491617030814462,null,"notes:","U(c) ~ ln(c)","notes:","U(c) ~ c-1"]
[7,28,28,1,1,null,7,3.3377624753350124,3.3377624753350124,null,7,29,27,3.3729715393993023,3.3012741081079846,null,null,"very averse",null,"near neutral"]
[8,10,28,0,1,null,8,2.3052380778996162,3.3377624753350124,null,8,17,21,2.8372306860824343,3.0491617030814462,null,"Amount Ridhi gives to Neha in H:",null,null,6]
[9,10,10,0,0,null,9,2.3052380778996162,2.3052380778996162,null,9,10,10,2.3052380778996162,2.3052380778996162,null,"Amount Neha gives to Ridhi in H:",null,null,7]
[10,28,10,1,0,null,10,3.3377624753350124,2.3052380778996162,null,10,22,16,3.0958246511385541,2.7764359010777868]
[11,28,28,1,1,null,11,3.3377624753350124,3.3377624753350124,null,11,29,27,3.3729715393993023,3.3012741081079846,null,"Contents of colored boxes may be freely modified"]
[12,28,28,1,1,null,12,3.3377624753350124,3.3377624753350124,null,12,29,27,3.3729715393993023,3.3012741081079846]
[13,28,28,1,1,null,13,3.3377624753350124,3.3377624753350124,null,13,29,27,3.3729715393993023,3.3012741081079846]
[14,10,28,0,1,null,14,2.3052380778996162,3.3377624753350124,null,14,17,21,2.8372306860824343,3.0491617030814462]
[15,28,10,1,0,null,15,3.3377624753350124,2.3052380778996162,null,15,22,16,3.0958246511385541,2.7764359010777868,null,null,"Endowment Over States"]
[16,28,10,1,0,null,16,3.3377624753350124,2.3052380778996162,null,16,22,16,3.0958246511385541,2.7764359010777868,null,null,"High","Low"]
[17,10,28,0,1,null,17,2.3052380778996162,3.3377624753350124,null,17,17,21,2.8372306860824343,3.0491617030814462,null,"Ridhi",{"$f":"R7","v":28},{"$f":"R6","v":10}]
[18,28,10,1,0,null,18,3.3377624753350124,2.3052380778996162,null,18,22,16,3.0958246511385541,2.7764359010777868,null,"Neha",{"$f":"T7","v":28},{"$f":"T6","v":10}]
[19,28,28,1,1,null,19,3.3377624753350124,3.3377624753350124,null,19,29,27,3.3729715393993023,3.3012741081079846]
[20,10,28,0,1,null,20,2.3052380778996162,3.3377624753350124,null,20,17,21,2.8372306860824343,3.0491617030814462,null,"Percent high states",null,{"$f":"AVERAGE(D3:D32)","v":0.6333333333333333}]
[21,28,28,1,1,null,21,3.3377624753350124,3.3377624753350124,null,21,29,27,3.3729715393993023,3.3012741081079846,null,"in Ridhi's draw:"]
[22,28,10,1,0,null,22,3.3377624753350124,2.3052380778996162,null,22,22,16,3.0958246511385541,2.7764359010777868]
[23,28,10,1,0,null,23,3.3377624753350124,2.3052380778996162,null,23,22,16,3.0958246511385541,2.7764359010777868,null,"Percent high states",null,{"$f":"AVERAGE(E3:E32)","v":0.6}]
[24,10,28,0,1,null,24,2.3052380778996162,3.3377624753350124,null,24,17,21,{"$f":"(POWER(B26-D26*$T$10+E26*$T$11, 1-$T$4)-1)/(1-$T$4)","v":2.8372306860824343},3.0491617030814462,null,"in Neha's draw:"]
[25,10,28,0,1,null,25,2.3052380778996162,3.3377624753350124,null,25,17,21,2.8372306860824343,3.0491617030814462]
[26,28,28,1,1,null,26,3.3377624753350124,3.3377624753350124,null,26,29,27,3.3729715393993023,3.3012741081079846]
[27,10,10,0,0,null,27,2.3052380778996162,2.3052380778996162,null,27,10,10,2.3052380778996162,2.3052380778996162,null,"RESULTS"]
[28,28,10,1,0,null,28,3.3377624753350124,2.3052380778996162,null,28,22,16,3.0958246511385541,2.7764359010777868,null,null,"IN 30 PERIOD SIMULATION",null,"IN EXP. with U(x) = ln(x)"]
[29,28,10,1,0,null,29,3.3377624753350124,2.3052380778996162,null,29,22,16,3.0958246511385541,2.7764359010777868,null,null,"AUTARKY","R. SHARING","AUTARKY","R. SHARING"]
[30,10,28,0,1,null,30,2.3052380778996162,3.3377624753350124,null,30,17,21,2.8372306860824343,3.0491617030814462,null,"Mean U Ridhi",{"$f":"AVERAGE(H3:H32)","v":2.9591701962753669},{"$f":"AVERAGE(N3:N32)","v":3.0486847565506809},{"$f":"1/2*((R6^(1-T4)-1)/(1-T4)+(R7^(1-T4)-1)/(1-T4))","v":2.8215002766173143},{"$f":"1/4*(((R6)^(1-T4)-1)/(1-T4)+((R6+T11)^(1-T4)-1)/(1-T4)+((R7-T10)^(1-T4)-1)/(1-T4)+((R7-T10+T11)^(1-T4)-1)/(1-T4))","v":2.9028162386299767}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Mean U Neha",{"$f":"AVERAGE(I3:I32)","v":2.924752716360854},{"$f":"AVERAGE(O3:O32)","v":2.9842919155760668},{"$f":"1/2*((T6^(1-T4)-1)/(1-T4)+(T7^(1-T4)-1)/(1-T4))","v":2.8215002766173143},{"$f":"1/4*(((T6)^(1-T4)-1)/(1-T4)+((T6+T10)^(1-T4)-1)/(1-T4)+((T7-T11)^(1-T4)-1)/(1-T4)+((T7-T11+T10)^(1-T4)-1)/(1-T4))","v":2.858027447541708}]
[null,null,null,null,null,null,"GRAPHS"]

{"sheet":"Question 4","index":3,"n_rows":34,"n_cols":21,"rows_kept":34,"cut":false,"hidden":false,"merged":[]}
["YIELD",null,null,null,null,null,"UTILITY UNDER AUTARKY",null,null,null,"UTILTY UNDER RISK SHARING",null,null,null,null,null,"PARAMETERS"]
["Time Period","Yield Ridhi","Yield Neha","Ridhi State","Neha State (H=1, L=0)",null,"Time Period","U Ridhi Autarky","U Neha Autarky",null,"Time Period","C Ridhi RS","C Neha RS","U Ridhi RS","U Neha RS",null,"CES utility: U(c) = (c^(1-𝜃)-1)/(1-𝜃)"]
[1,28,10,1,0,null,1,{"$f":"(POWER(B3, 1-$R$4)-1)/(1-$R$4)","v":3.3377624753350124},{"$f":"(POWER(C3, 1-$T$4)-1)/(1-$T$4)","v":8.985986624850387},null,1,{"$f":"B3-D3*$T$10+E3*$T$11","v":22},{"$f":"C3+D3*$T$10-E3*$T$11","v":16},{"$f":"(POWER(B3-D3*$T$10+E3*$T$11, 1-$R$4)-1)/(1-$R$4)","v":3.0958246511385541},{"$f":"(POWER(C3+D3*$T$10-E3*$T$11, 1-$T$4)-1)/(1-$T$4)","v":14.970670692325438},null,"Ridhi parameters",null,"Neha parameters"]
[2,28,28,1,1,null,2,3.3377624753350124,26.933787338750172,null,2,{"$f":"B4-D4*$T$10+E4*$T$11","v":29},{"$f":"C4+D4*$T$10-E4*$T$11","v":27},{"$f":"(POWER(B4-D4*$T$10+E4*$T$11, 1-$R$4)-1)/(1-$R$4)","v":3.3729715393993023},{"$f":"(POWER(C4+D4*$T$10-E4*$T$11, 1-$T$4)-1)/(1-$T$4)","v":25.937095983927971},null,"𝜃:",0.999,"𝜃:",1E-3,"Toggle risk aversion (1=highly risk averse, 0=risk neutral)"]
[3,10,28,0,1,null,3,2.3052380778996162,26.933787338750172,null,3,17,21,2.8372306860824343,{"$f":"(POWER(C5+D5*$T$10-E5*$T$11, 1-$T$4)-1)/(1-$T$4)","v":19.95611837421421}]
[4,28,10,1,0,null,4,3.3377624753350124,8.985986624850387,null,4,22,16,3.0958246511385541,14.970670692325438,null,"yield in L:",10,null,10,"Toggle mean yield in low state"]
[5,10,28,0,1,null,5,2.3052380778996162,26.933787338750172,null,5,17,21,{"$f":"(POWER(B7-D7*$T$10+E7*$T$11, 1-$R$4)-1)/(1-$R$4)","v":2.8372306860824343},19.95611837421421,null,"yield in H:",28,null,28,"Toggle mean yield in high state"]
[6,10,10,0,0,null,6,2.3052380778996162,8.985986624850387,null,6,10,10,2.3052380778996162,8.985986624850387,null,"notes:","U(c) ~ ln(c)","notes:","U(c) ~ c-1"]
[7,10,10,0,0,null,7,2.3052380778996162,8.985986624850387,null,7,10,10,2.3052380778996162,8.985986624850387,null,null,"very averse",null,"near neutral"]
[8,28,28,1,1,null,8,3.3377624753350124,26.933787338750172,null,8,29,27,3.3729715393993023,25.937095983927971,null,"Amount Ridhi gives to Neha in H:",null,null,6]
[9,28,28,1,1,null,9,3.3377624753350124,26.933787338750172,null,9,29,27,3.3729715393993023,25.937095983927971,null,"Amount Neha gives to Ridhi in H:",null,null,7]
[10,28,10,1,0,null,10,3.3377624753350124,8.985986624850387,null,10,22,16,3.0958246511385541,14.970670692325438]
[11,10,10,0,0,null,11,2.3052380778996162,8.985986624850387,null,11,10,10,2.3052380778996162,8.985986624850387]
[12,28,28,1,1,null,12,3.3377624753350124,26.933787338750172,null,12,29,27,3.3729715393993023,25.937095983927971,null,"Contents of colored boxes may be freely modified"]
[13,10,28,0,1,null,13,2.3052380778996162,26.933787338750172,null,13,17,21,2.8372306860824343,19.95611837421421]
[14,28,28,1,1,null,14,3.3377624753350124,26.933787338750172,null,14,29,27,3.3729715393993023,25.937095983927971]
[15,10,10,0,0,null,15,2.3052380778996162,8.985986624850387,null,15,10,10,2.3052380778996162,8.985986624850387]
[16,10,28,0,1,null,16,2.3052380778996162,26.933787338750172,null,16,17,21,2.8372306860824343,19.95611837421421,null,null,"Endowment Over States"]
[17,10,10,0,0,null,17,2.3052380778996162,8.985986624850387,null,17,10,10,2.3052380778996162,8.985986624850387,null,null,"High","Low"]
[18,28,10,1,0,null,18,3.3377624753350124,8.985986624850387,null,18,22,16,3.0958246511385541,14.970670692325438,null,"Ridhi",{"$f":"R7","v":28},{"$f":"R6","v":10}]
[19,28,28,1,1,null,19,3.3377624753350124,26.933787338750172,null,19,29,27,3.3729715393993023,25.937095983927971,null,"Neha",{"$f":"T7","v":28},{"$f":"T6","v":10}]
[20,28,28,1,1,null,20,3.3377624753350124,26.933787338750172,null,20,29,27,3.3729715393993023,25.937095983927971]
[21,28,28,1,1,null,21,3.3377624753350124,26.933787338750172,null,21,29,27,3.3729715393993023,25.937095983927971,null,"Percent high states",null,{"$f":"AVERAGE(D3:D32)","v":0.6}]
[22,28,10,1,0,null,22,3.3377624753350124,8.985986624850387,null,22,22,16,3.0958246511385541,14.970670692325438,null,"in Ridhi's draw:"]
[23,10,10,0,0,null,23,2.3052380778996162,8.985986624850387,null,23,10,10,2.3052380778996162,8.985986624850387]
[24,28,10,1,0,null,24,3.3377624753350124,8.985986624850387,null,24,22,16,3.0958246511385541,14.970670692325438,null,"Percent high states",null,{"$f":"AVERAGE(E3:E32)","v":0.5}]
[25,10,28,0,1,null,25,2.3052380778996162,26.933787338750172,null,25,17,21,2.8372306860824343,19.95611837421421,null,"in Neha's draw:"]
[26,10,10,0,0,null,26,2.3052380778996162,8.985986624850387,null,26,10,10,{"$f":"(POWER(B28-D28*$T$10+E28*$T$11, 1-$R$4)-1)/(1-$R$4)","v":2.3052380778996162},8.985986624850387]
[27,28,10,1,0,null,27,3.3377624753350124,8.985986624850387,null,27,22,16,3.0958246511385541,14.970670692325438,null,"RESULTS"]
[28,28,10,1,0,null,28,3.3377624753350124,8.985986624850387,null,28,22,16,3.0958246511385541,14.970670692325438,null,null,"IN 30 PERIOD SIMULATION",null,"IN EXPECTATION"]
[29,28,28,1,1,null,29,3.3377624753350124,26.933787338750172,null,29,29,27,3.3729715393993023,25.937095983927971,null,null,"AUTARKY","R. SHARING","AUTARKY","R. SHARING"]
[30,28,28,1,1,null,30,3.3377624753350124,26.933787338750172,null,30,29,27,3.3729715393993023,25.937095983927971,null,"Mean U Ridhi",{"$f":"AVERAGE(H3:H32)","v":2.924752716360854},{"$f":"AVERAGE(N3:N32)","v":2.9606377526270315},{"$f":"1/2*((R6^(1-R4)-1)/(1-R4)+(R7^(1-R4)-1)/(1-R4))","v":2.8215002766173143},{"$f":"1/4*(((R6)^(1-R4)-1)/(1-R4)+((R6+T11)^(1-R4)-1)/(1-R4)+((R7-T10)^(1-R4)-1)/(1-R4)+((R7-T10+T11)^(1-R4)-1)/(1-R4))","v":2.9028162386299767}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Mean U Neha",{"$f":"AVERAGE(I3:I32)","v":17.959886981800285},{"$f":"AVERAGE(O3:O32)","v":18.060627454096899},{"$f":"1/2*((T6^(1-T4)-1)/(1-T4)+(T7^(1-T4)-1)/(1-T4))","v":17.959886981800281},{"$f":"1/4*(((T6)^(1-T4)-1)/(1-T4)+((T6+T10)^(1-T4)-1)/(1-T4)+((T7-T11)^(1-T4)-1)/(1-T4)+((T7-T11+T10)^(1-T4)-1)/(1-T4))","v":17.462467918829503}]
[null,null,null,null,null,null,"GRAPHS"]