Exercise 22.33. (1) Show that Vi 0 | pt+1 defined in (22.54) is not necessarily
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Exercise 22.33. (1) Show that V˜i ¡ τ 0 | pt+1¢ defined in (22.54) is not necessarily quasiconcave. (2) Show that V˜i ¡ τ 0 | pt+1¢ satisfies the single-crossing property in Definition 22.3.
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