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An important implication of the Fisher separation theorem is that investment decisions can be delegated tomanagers. a. Explain why the Fisher separation facilitates this, and

An important implication of the Fisher separation theorem is that investment decisions can be delegated tomanagers.

a. Explain why the Fisher separation facilitates this, and under which circumstances (assumptions).

b. Show in a graph a case where an individual (investor) ends up lending in the financial markets when thatindividual is trading preferences for consumption at different point in time.

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