Oligopol

1
3-period consumption-saving example

• Optimal period-1

Income
Consumption
Liquid asset
2
3-period consumption-saving example

• Without illiquid asset

Income
Consumption
Liquid asset
3
3-period consumption-saving example

• Sophisticate with illiquid asset

Income
Consumption
Liquid asset
Illiquid asset
4
3-period consumption-saving example

• Sophisticate with illiquid asset

Income
Consumption
Liquid asset
Illiquid asset
5
3-period consumption-saving example

• Sophisticate with illiquid asset

Income
Consumption
Liquid asset
Illiquid asset
6
3-period consumption-saving example

• Sophisticate with illiquid asset

Income
Consumption
Liquid asset
Illiquid asset