? ? ? Y=AKαLβE1−α−β Y � �� � ttttt ��0<�<10<�<1�+�<1 𝐴� ∁t=λ(1−θt)Et λ λ θ� 1−θt � Y=AKαLβE1−α−β,withE=[C] λ(1−θ) � C maxY=AKαLβ[ 1−α−β ] K,L,θ,A λ(1−θ) s.t.C≤δ ✿ C≪δ C=δ Y=AKαLβ[ δλ(1−θ) 1−α−β ] � δ � � 1 δ 15% 73 17% 62 24% 66 25% 48 34% 38 29% 39 31% 45 66% 74 69% 102 71% 97 75% 145 76% 204 83% 298 85% 421 θλ