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An intermediary issues {at the same time} two cohorts {of equal size} of three-yeer-plus-one lottery tickets. For cohort one, the yelues of rhoL and c

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An intermediary issues {at the same time} two cohorts {of equal size} of "three-yeer-plus-one\" lottery tickets. For cohort one, the yelues of rhoL and c are 0.1 and n.3, respectiyely. For the second cohort. rhoL = CL? and c = (3.1. The intermediary sells only 5036 of cohort one and holds the other 59% for itself {while selling moss of the other cohort}. Why two different cohorts? Why sell only seas of cohort one

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