If the constant dividend is higher than the residual dividend $-$ how do we treat those proceeds over time to compare the two? What are the advantages of the residual dividends $-$ expand upon this $-$ why does this create value for the shareholders? Why could it potentially be much better than the constant dividend? What could happen, given that the future is uncertain, that could lead investors in the residual dividend distributing firm to not be better off than investors in a constant$-$dividend distributing company? Essentially, how do we treat time and uncertainty in this case?