Exercise 6.9. Consider Problem A1 or A2 with x X R and suppose that Assumptions
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Exercise 6.9. Consider Problem A1 or A2 with x ∈ X ⊂ R and suppose that Assumptions 6.1-6.3 and 6.5 hold. Prove that the optimal policy function y = π (x) is nondecreasing if ∂2U (x, y) /∂x∂y ≥ 0.
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