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Prove the fifth fact from the subsection on syndicate theory

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Prove the fifth fact from the subsection on syndicate theory. The key is to find out the right values for the constants ki . The ki are defined so that the first-order conditions all hold and the adding up condition holds. There are I +N unknowns (each value of ki and each multiplier µn ) and I N+ 1equations (IN first-order conditions and one adding up constraint), so you can see that some of the equations must be redundant, which is why this is such a special case.

Reference no: EM13871202

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