From 01d179e2709a931084ea690eb98bb20d183e149f Mon Sep 17 00:00:00 2001
From: Longye Tian <133612246+longye-tian@users.noreply.github.com>
Date: Fri, 5 Jul 2024 08:58:52 +1000
Subject: [PATCH] [olg] update on Euler EQ and Log (#503)

Dear John @jstac ,

I updated the olg.md lecture according to #434.

This pull request deals with the last two suggestions in #434.

Best,
Longye
---
 lectures/olg.md | 4 ++--
 1 file changed, 2 insertions(+), 2 deletions(-)

diff --git a/lectures/olg.md b/lectures/olg.md
index 68e4b6c6..6530e1be 100644
--- a/lectures/olg.md
+++ b/lectures/olg.md
@@ -155,7 +155,7 @@ The first-order condition for a maximum can be obtained
 by plugging $c_{t+1}$ into the objective function, taking the derivative
 with respect to $c_t$, and setting it to zero.
 
-This leads to the **Euler equation** of the OLG model, which is
+This leads to the **Euler equation** of the OLG model, which describes the optimal intertemporal consumption dynamics:
 
 ```{math}
 :label: euler_1_olg
@@ -539,7 +539,7 @@ The interest rate reflects the marginal product of capital, which is high when c
 
 Previously, in our examples, we looked at the case of log utility.
 
-Log utility is a rather special case.
+Log utility is a rather special case of CRRA utility with $\gamma \to 1$.
 
 In this section, we are going to assume that $u(c) = \frac{ c^{1-
 \gamma}-1}{1-\gamma}$, where $\gamma >0, \gamma\neq 1$.