Let the value function be defined as in (6.9) with respect to a utility function (u: mathbb{R}_{+}
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Let the value function be defined as in (6.9) with respect to a utility function \(u: \mathbb{R}_{+} \rightarrow \mathbb{R}\) strictly increasing and concave. Prove that the value function is strictly increasing and concave in its first argument (wealth).
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Related Book For
Financial Markets Theory Equilibrium Efficiency And Information
ISBN: 9781447174042
2nd Edition
Authors: Emilio Barucci, Claudio Fontana
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