n lecture 4, we discussed utility over time, and thought about a utility function of the form u(cl, c2, ..cr) that was defined over future periods of consumption We were particularly interested in the time-separable form of this utility function (c12,.cr)=∑(c and we even assumed that Br=B Uncertainty has many similarities. Think of consumption is differentstates of nature rather than time periodsIn lecture 4, we discussed utility over time, and thought about a utility function of the form uc1, c2,.. cT that was defined over future periods of consumption. We were particularly interested in the time-separable form of this utility function uc1, c2,.. cT   t1 T tuct and we even assumed that t  t Uncertainty has many similarities. Think of consumption is different "states of nature" rather than time periods