MIUFMoney in the Utility Function (economics)
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In this section, we first show that for a general class of MIUF models, it is never the case that the Friedman rule is optimal for both types of agents.
10) Then, as in our MIUF version, the rate-of-return effect implies that both types are hurt by an increase in z, while the net transfer effect benefits one type at the cost of the other.
The change in welfare can be attributed solely to the transfers, and once again, the result is identical to Equation (12) obtained for the MIUF version, that is,