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b
Preference productivity
c
Learning cost
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Planner welfare
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τ
τμ
Examples · τ = 1, τμ = 0.25
Choose b
b = 1.21
b = 0.49
b = 0.29
b = 0.16
b = (β_0)² = 0.25
Only Preference
Only Fundamental
Both (β = √b)
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Only Fundamental
Only Preference
Both